Archive

Posts Tagged ‘David Crowe’

Seniors Comprise 42 Percent of Households, will Hit 46 Million by 2030

February 5th, 2016 Comments off

baby_boomers____howstuffworksWhile the spotlight has been on the Millennials in recent years as the housing market tries to lure them out of their parents’ basements, the National Association of Home Builders (NAHB) and American Community Survey has revealed more than 48 million households in the U. S. are headed by someone 55 and over, comprising 42 percent of all households.

In six states—Florida, Montana, Pennsylvania, West Virginia, Maine and Vermont—45 to 50 percent of all homes are headed by seniors. Moreover, in no state do seniors account for less than 34 percent nor more than 49 percent, as themreport informs MHProNews..

NAHB’s Housing Market Index for 55-plus had a reading of 60 for the third quarter, three points better than the previous quarter. “Like the overall housing market, we continue to see steady, positive growth in the 55+ market,” said David Crowe, NAHB chief economist. “With the economy and job growth continuing to improve gradually, many consumers are now able to sell their current homes at a suitable price, enabling them to buy or rent in a 55+ community.”

The Urban Institute states in 1990 there were 20 million household headed by seniors 65 and older. In 2010 that number had hit 25.8 million, and by 2030 it is expected baby boomer households will stand at 46 million, 34 million of whom will be senior homeowners, plus 12.2 million renters. ##

(Photo credit: howstuffworks–Baby Boomers)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

2015’s New Home Sales Best in Nine Years

January 28th, 2016 Comments off

homebuilders__biz_journals__creditData released by the Census Bureau and the Department of Housing and Urban Development (HUD) reveal sales of new, single-family homes rose 14.5 percent in 2015 to 501,000 units, the highest number since 2007, according to lbmjournal.

In Dec. alone sales were up 10.4 percent over Nov. 2015 to a seasonally-adjusted annual rate (SAAR) of 544,000.

Relatively low interest rates and an improving economy are motivating buyers to make a new-home purchase,” said NAHB Chief Economist David Crowe. “Builders are upping their inventory in response to heightened consumer interest. Housing inventory is now at its highest level since October 2009.”

All four regions saw sales rise. The Midwest saw the largest rise, at 31.6 percent, followed by 21 percent rise posted in the West. The Northeast gained 20.8 percent, while the South saw a much more modest rise of 0.4 percent.

As MHProNews understands, the inventory of new homes for sale stood at 237,000 units at the end of the year, equivalent to a 5.2 month supply at the current pace. ##

(Photo credit: bizjournals)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Home Builder Sentiment Remains Steady at 60

January 21st, 2016 Comments off

house building  comstock premiumAccording to The Wall Street Journal, the National Association of Home Builders (NAHB) reports the gauge of home builder sentiment in the U. S. remained at 60 from December, where any number above 50 indicates builders are positive about the single-family home market.

Economists who were surveyed by wsj anticipated the gauge to hit 62 for Jan. Dec.’s index was revised downward one point to 60, a drop from 62 in Nov. and from record-high 65 in Oct.

NAHB Chief Economist David Crowe said the reading shows the “economic outlook remains promising, as consumers regain confidence and home values increase, which will help the housing market move forward.”

Low interest rates and rising rents historically have led to more new home sales, but even though employment is rising, wages have remained relatively static, which translates into would-be homebuyers cannot afford to save enough for a down payment, especially with home values rising.”

As MHProNews understands, in Oct. 2005 the index measured 68 but had fallen to 31 within a year. ##

(Photo credit:comstockpremium)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Housing Market Index Slips

December 16th, 2015 Comments off

homebuilders__biz_journals__creditHomebuilder sentiment fell one point, from 62 down to 61 in December, according to the National Association of Home Builders (NAHB), missing the consensus forecast of 63. “Overall, builders are optimistic about the housing market, although they are reporting concerns with the high price of lots and labor,” said NAHB Chairman Tom Woods, according to peoplespunditdaily.

All three components of he NAHB’s Wells Fargo Housing Market Index (HMI) experienced downturns. Sales expectations in the next six months fell two points to 67, current sales conditions slipped one point to 66, and buyer traffic dropped two points to 46.

As NAHB Chief Economist David Crowe told MHProNews, “For the past seven months, builder confidence levels have averaged in the low 60s, which is in line with a gradual, consistent recovery. With job creation, economic growth and growing household formations, we anticipate the housing market to continue to pick up traction as we head into 2016.##

(Photo credit: bizjournals)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Baby Boomers Take it on the Chin for High Home Prices

December 4th, 2015 Comments off

baby_boomers____howstuffworksBaby Boomers are not downsizing fast enough, and by not putting their homes on the market, they are creating the inventory shortage that is driving up prices, making it tougher on would-be first-time homebuyers. This is clogging up the “whole chain of homes sales,” according to Sean Becketti, a chief economist at Freddie Mac speaking to realtytoday. Hey, blame it on the Bossa Nova.

They appear to be staying in the family home longer than previous generations,” he wrote in a new outlook report, “and the imbalance between housing demand and supply continues to boost prices.

A Federal Reserve survey of consumer finances from 2013 reveals 55 and older households control two-thirds of all home equity with a value of $8 trillion.

Patrick Simmons of Fannie Mae says there is scant evidence Boomers are leaving their “empty of nesters” homes, noting between 2010 and 2013 the number of Boomer apartment rentals remained static.

While Lawrence Yun, Chief Economist for the National Association of Realtors (NAR) points to the effects of the housing bust and recession, David Crowe, of the National Association of Home Builders (NAHB) says there’s a loopback effect of Boomers discouraged by the high prices so they sit tight.

But Simmons notes it is only temporary, as MHProNews understands. The 32 million homes now in Boomer hands will begin changing hands as they age and move on. Says Simmons, “Their actions will reverberate through the housing market.##

(Photo credit: howstuffworks–Baby Boomer couple)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Housing Market Index slips for Single-family Homes

November 19th, 2015 Comments off

housingwire creditFalling from a ten-year high of 65 in October, the National Association of Home Builders tells MHProNews the housing market index dropped three points to 62, falling below The Wall Street Journal consensus estimate by a point. Any number over 50 indicates builders of single-family homes are optimistic.

The November report is pullback from an unusually high October, and is more in line with the consistent, modest growth that we have seen throughout the year,” said NAHB Chief Economist David Crowe. “A firming economy, continued job creation and affordable mortgage rates should keep housing on an upward trajectory as we approach 2016.

NAHB Chairman Tom Woods echoed a sentiment heard often in past months: Lots and labor are not always plentiful.

The measure of builder expectations for sales in the coming six months fell five points, but is still at 70. Builder sense of present sales conditions dropped three points to 67, and the measure of buyer traffic rose a point to 48.

Fueled by strong home sales, low interest rates and a growing labor market—which eventually translates into more home sales—rising sentiment could feed into a pickup in construction. Although the number of housing starts has more than doubled since the depths of the recession, it continues to remain roughly half of its high point in 2006, and historically weak. ##

(Graphic credit: housingwire)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Housing Market Confidence Index for 55+ Homes Rises

November 10th, 2015 Comments off

homeownership   fotosearch stock photoBuilder confidence in the single-family 55+ housing market rose for the sixth quarter in a row, according to what the National Association of Homebuilders (NAHB) tells MHProNews, as the 55% + Housing Market Index edged up three points to 60. Any number above 50 indicates confidence is good.

As consumeraffairsreports, all three components of the 55+ single-family index notched increases from the previous quarter: current sales rose three points to 65, anticipated sales for the next six months edged up one point to 67, and the number for prospective buyers moved up three points to 46.

The four indices that track production and demand of 55+ multi-family rentals marked gains in the third quarter: Current production rose nine points to 55, projected future production and present demand for existing units gained sharply 11 points to 60 and 70, respectively, and future demand gained five points to 68.

NAHB Chief Economist David Crowe said: Like the overall housing market, we continue to see steady, positive growth in the 55+ market. With the economy and job growth continuing to improve gradually, many consumers are now able to sell their current homes at a suitable price, enabling them to buy or rent in a 55+ community.

With 10,000 people turning 65 every day in the U. S., the demand for senior housing will surely rise, presenting the opportunity for 55+ manufactured home communities to also develop. ##

(Image credit: fotosearch)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Homebuilder Sentiment Hits Ten-Year High

September 16th, 2015 Comments off

home building   fotosearchAccording to cnbc, the National Association of Home Builders (NAHB) reports the Housing Market Index (HMI) of builder sentiment rose to 62 in September, the highest level since 2005, and now in positive territory (above 50) since July, 2014.

The HMI shows that single-family housing is making solid progress,” said NAHB Chairman Tom Woods. “However, our members continue to tell us that they are concerned about the availability of lots and labor.”

Current sales conditions rose one point to 67, while sales expectations for the next six months dropped two points to 68. Current traffic of potential buyers did rise two points to 47, but remains in negative territory.

NAHB Chief Economist David Crowe expects 1.1 million total housing starts this year, both single-family and multifamily.

As a recap, MHProNews reminds readers housing starts rose 12.8 percent in July over June, but building permits fell 1.9 percent.

Meanwhile, the Mortgage Bankers Association (MBA) reports mortgage applications in advance of minutes of the Federal Reserve meeting fell seven percent in the week ending Sept. 11. ##

(Photo credit: fotosearch)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

New Single-family Home Sales Rise in July

August 26th, 2015 Comments off

sold__bizjournals__creditEstimates released by the U. S. Census Bureau and the U. S. Department of Housing and Urban Development (HUD) indicate sales of new single-family homes in July rose 5.4 percent over June to a seasonally-adjusted annual rate (SAAR) of 507,000, besting June’s numbers of 481,000. The level is 25.8 percent above the 403,000 of July 2014 according to mortgageorb.

With an average sales price of $361,600, the median sales price of a new home was $285,900. MHProNews has learned at the end of July there were 218,000 new single-family homes on the market.

Today’s report is in line with other government data and improving builder sentiment and shows a gradual but consistent housing recovery,” adds David Crowe, chief economist for NAHB. “As job growth and consumer confidence continue to strengthen, the housing market should make additional gains this year.

Regionally, the Northeast posted a gain of 23.1 percent, while the West rose 6.7 percent and the South increased 5.8 percent. The Midwest dropped 6.9 percent. ##

(Image credit: bizjournals)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

July Housing Starts Reach Highest Level since Oct. 2007, Led by Single-family

August 20th, 2015 Comments off

house under const  housingwireStatistics from the U. S. Department of Housing and Urban Development (HUD) and the Commerce Department indicate housing starts nationwide edged up 0.2 percent in July to a seasonally annual-adjusted rate (SAAR) of 1.206 million units, the highest level since Oct. 2007, according to worldpropertyjournal.

Single-family starts increased 12.8 percent to a SAAR of 782,000 units while multifamily production dropped 17 percent to 424,000 units. The opposite was true in June, as MHProNews reported July 20, 2015 when single-family starts dropped 0.9 percent from May and multifamily spiked 28.6 percent as the demand for rentals rose.

National Association of Home Builders (NAHB) Chief Economist David Crowe said, While multifamily production has fully recovered from the downturn, single-family starts are improving at a slow and sometimes intermittent rate as consumer confidence gradually rebounds. Continued job and economic growth will keep single-family housing moving forward.

Regionally, in July housing starts rose 20.1 percent in the Midwest and 7.7 percent in the South, while the Northeast fell 27.5 percent and the West dropped 3.1 percent.

New housing permits fell overall 16.3 percent in July: single-family slipped 1.9 percent to a a rate of 679,000, while multifamily dropped 31.8 percent to 440,000. ##

(Photo credit: housingwire)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.