Posts Tagged ‘David Crowe’

Home Builders: 30 Points from Condition “Good”

November 17th, 2011 Comments off

The National Association of Home Builders reports builder confidence rose in November three points to 20 on the NAHB/Wells Fargo Housing Market Index (HMI) for newly-built single family homes. Building on a three point increase from October, the HMI is at its highest point in 18 months. NAHB Chief Economist David Crowe said, “This second consecutive gain in the HMI is evidence that well-qualified buyers in select areas are being tempted back into the market by today’s extremely favorable mortgage rates and prices…these (are) pockets of improving conditions that are slowly spreading.” The index measures builders perceptions of current single-family home sales and expectations for the next six months. Any number above 50 indicates conditions are “good” rather than “poor.” Regionally, the Northeast saw a three point gain to 17, the Midwest advanced eight points to 23, and the South rose three points to 21. The West had posted a large October increase, but lost six points this month to 15.

(Graphic credit: NAHB)

NAHB’s Crowe: ‘Low rates haven’t helped home sales’

August 24th, 2011 Comments off

David_Crowe_file_photo_credit__BloombergCNNMoney reports that new-home sales fell once again in July, the third straight month of declines. The seasonally adjusted annualized rate of 298,000. This represents a modest 0.7% drop from a downwardly-revised rate of 300,000 homes sold in June, according to the Census Bureau, but up 6.8% from July 2010 rate of 279,000. “We’ve been bouncing around the 300,000 level for months, for years, really,” said David Crowe, the chief economist for the National Association of Home Builders. “It reflects continued buyer concern with the weak economy.” Crowe said home sales might weaken even more in the aftermath of the debt-ceiling debate, the downgrading of U.S. debt and the subsequent volatility in the financial markets. “We might see August figures drop because of the market turmoil and the uncertainly it creates in consumers,” he said. The median price for a new home sold in July was $222,000, down about 5.5% from June but up 8.8% from 12 months earlier. Historically low interest rates do not seem to be helping. Applications for mortgages have spiked, but most of the increase is for refinancing old mortgages rather than for purchasing new homes, according to Crowe. Meanwhile, compare this to recently released MHI statistics on manufactured housing shipments, which are currently around the 46,000 seasonally adjusted annual rate (SAAR). The manufactured housing SAAR would represent about 13% of single family housing starts, while MHI statistics suggest that the median market share in the past 20 years for manufactured housing has been closer to 21% of all single family housing starts.

(Photo credit: Bloomberg)


Builder confidence still near bottom, per NAHB report

August 17th, 2011 Comments off

david_crowe_NAHB economic RealDeal posted Daily Business News Manufactured Home Marking Sales Management MHProNews.comMarketwatch reports The National Association of Home Builders/Wells Fargo home market index remained at 15 in August. Readings over 50 are considered “good,” which the NAHB report hasn’t had since April 2006. Two of the three components, current sales conditions and traffic of prospective buyers, inched higher, but the component measuring sales expectations for the next six months declined two points. “The uncertain economic climate and concerns about job security are discouraging many potential buyers from exploring a home purchase at this time,” said NAHB Chief Economist David Crowe in a statement. Foreclosures and short sales kpet the price gap between new and existing homes high in June. The median new single-family home cost $235,200, but the median existing single-family home sold for $184,600, per Commerce Department and the National Association of Realtors data.

(Photo credit: RealDeal)


Housing Starts and Permits Issued Fall in February

March 16th, 2011 Comments off

The National Association of Home Builders (NAHB) reports that housing starts fell 22.5 percent in February, the second slowest pace on record.  Permits to build new homes dropped 8.2 percent.  Chief economist of NAHB David Crowe, said, “We need to see several months of consistent improvement in economic factors, plus concrete signs that the flow of credit to housing is improving, in order for the industry to return to a steady recovery and facilitate job growth.”  Multifamily starts declined 46.1 percent.  Regionally, the Midwest fared the worst in housing starts with a 48.6 percent decline.  In other areas, the loss was 37.5 percent in the Northeast, 28 percent in the West and 6.3 percent in the South.