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Posts Tagged ‘David Crowe’

Home Builder Sentiment Measures Near Ten-year High

August 18th, 2015 Comments off

home_pr_increase___etftrends_creditMHProNews has learned from reuters that, according to the National Association of Home Builders (NAHB), homebuilder sentiment in August rose to its highest level in almost ten years. In line with economists expectations, the NAHB/Wells Fargo Housing Market Index (HMI) rose from 60 in July to 61 this month. Any reading above 50 indicates homebuilders have high expectations as opposed to low expectations; the reading has not been below 50 since June 2014.

Today’s report is consistent with our forecast for a gradual strengthening of the single-family housing sector in 2015. Job and economic gains should keep the market moving forward at a modest pace throughout the rest of the year. NAHB Chief Economist David Crowe said in a statement.

Marking its highest level since November 2005, the single-family home sales component rose from 65 to 66, while expectations for the next six months was steady at 70. Prospective buyer traffic rose from 43 to 45, the highest level since Dec. 2014. ##

(Image credit:etftrends)

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

55+ Housing Market Index Remains Steady

August 12th, 2015 Comments off

baby_boomers____howstuffworksThe National Association of Home Builders (NAHB) reports its 55+ Housing Market Index (HMI) slipped one point to 57 in the second quarter of 2015, but maintains the fifth consecutive quarter with a reading over 50. Any number over 50 indicates builders think conditions are good rather than poor, according to consumeraffairs.

Distinguishing between single-family homes and multi-family condos, the survey is based on current sales, prospective buyer traffic and outlook for six months.

In the single-family HMI sector, present sales fell two points to 62, expected sales for the next six months slipped one point to 66, while prospective buyers rose three points to 43.

In the multifamily 55+ category, present sales increased three points to 44, six months anticipated sales rose sharply 10 points to 49 and traffic of prospective buyers rose eight points to 41.

MHProNews has learned all four indices regarding 55+ multifamily rentals dropped in the second quarter. Present production plummeted 12 points to 46, anticipated future production fell 3 points to 49, current demand for existing units dropped 9 points to 59 and future demand slipped one point to 63.

NAHB Chief Economist David Crowe said, Overall, builders in the 55+ housing sector remain positive about the market,. However, many builders are being cautious as lot availability and skilled labor shortages remain a challenge in some parts of the country.##

(Photo credit: howstuffworks–baby boomers)

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

Homebuilders Confidence Level Hits High Mark

July 17th, 2015 Comments off

homebuilding  housingwire creditMarking the 13th consecutive month reading above 50, and hitting the highest point in nearly a decade, the National Association of Home Builders/Wells Fargo builders confidence gauge high 60 this month. Any number above 50 signals that builders are optimistic about sales trends, according to marketwatch.

This month’s reading is in line with recent data showing stronger sales in both the new and existing home markets as well as continued job growth,” said David Crowe, NAHB’s chief economist. Mortgage applications are close to their highest level in two years, indicating that a growing jobs market, continued low interest rates and a strengthening economy are helping home sales.

Ian Shepherdson, chief economist with Pantheon Macroeconomics, says the new numbers do seem to suggest “a real housing upswing is underway.

Hurdles, however, remain. Lenders are still skittish about financial and legal risks attached to making loans, buildable lots are becoming more rare, and as MHProNews reported July 3, 2015, labor shortages still trouble the trades, fallout from workers leaving the industry following the housing bubble. ##

(Photo credit: housingwire)

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

New Single-Family Home Sales Reach Highest Point in Seven Years

June 24th, 2015 Comments off

housing_recovery__globest.com__creditHitting the highest rate since Feb. 2008, new single-family home sales in May 2015 rose 2.2 percent, hitting a seasonally annual-adjusted rate (SAAR) of 546,000, based on data released by the Department of Housing and Urban Development (HUD) and the Census Bureau. The rate was 19.5 percent above last May’s estimate of 457,000, and above the April, 2015 revised rate of 534,000, according to themreport.

The median sales price of new houses sold in May 2015 was $282,000 reports the Census Bureau, while the average sales price hit $337,000.

This month’s new-home sales report is consistent with other government data and rising builder confidence that indicate a continual recovery of the housing market,” said David Crowe, NAHB chief economist. “The uptick in existing-home sales bodes well for builders, as it shows that the sellers are able to buy a new home.

Based on mortgages sold to or guaranteed by Fannie Mae and Freddie Mac, the Federal Housing Finance Agency (FHFA) reports U. S. home prices rose 0.3 percent in April over March. In addition, MHProNews has learned home prices rose 5.3 percent from April 2014 to April 2015. The FHFA Home Price Index is 2.3 percent below its peak of March 2007, before the housing bubble. ##

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

Builders of Single-family Homes see Brighter Days

June 15th, 2015 Comments off

house under const  housingwireThe National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) rose five points in June, more than expected, from 54 to 59 points, hitting its highest level since September, 2014, indicating confidence among home builders. While any number above 50 indicates builders see conditions as favorable, Reuters says economists they polled predicted the rise would be only two points to 56.

There is “a growing optimism among builders that housing will continue to strengthen in the months ahead,” said NAHB Chief Economist David Crowe. “At the same time, builders remain sensitive to consumers’ ability to buy a new home.

The HMI is comprised of three components: the single-family home sales component rose seven points to 65. Expectations of single-family sales for the coming six months increased six points to 69, while MHProNews understands prospective buyer traffic rose five points to 44.

Previously, the government said new home sales rose 6.8 percent in April, while construction spending rose to its highest level since 2006. Regionally, foxbusiness says builder confidence increased three points to 60 in the South, three points to 44 in the Northeast, and two points in the West to 57. The Midwest dropped a point to 54. ##

(Photo credit: housingwire)

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

If Demand Surges for New Homes, Who will Build them??

June 10th, 2015 Comments off

lunch box thermos ebayA survey by the Associated General Contractors of America (AGCA) found last year that 83 percent of construction firms had difficulty filling carpenter, laborer and equipment operator positions, according to wsj. Nearly 2.3 million construction jobs disappeared between April 2006 and January 2011, 40 percent of that particular workforce. As of May, 2015 that sector remained 1.3 million workers short of its bubble-era peak.

The nearly five-year gulf of jobs being wiped out was too much for many to withstand and too deep to attract new workers. Ken Simonson chief economist at AGCA thinks many left for the energy exploration fields, went back to school or to other industries, or simply left the workforce, perhaps retired.

The combination of having had this massive long exodus, a late pickup in hiring and now this greatly diminished pool of workers, that’s what has contractors scrambling,Mr. Simonson said.

The Census Bureau is processing data on job-to-job transitions but the study is not complete yet.

David Crowe, chief economist at the National Association of Home Builders (NAHB), says he heard many construction workers left to drive trucks. He says, in order to attract workers back, contractors will have to pay more, and that puts a squeeze on costs. It’s going to take training. It’s going to take attracting younger, newer job entrants into the job field. And it’s going to take higher compensation.

MHProNews understands that any sudden surge in demand for new homes will likely be met with delays because of the lack of available construction workers. ##

(Photo credit: ebay)

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

Housing Market Recovery Moving Slowly

May 8th, 2015 Comments off

question_mark_houses__fotosearchThe National Association of Home Builders/First American Leading Markets Index (LMI) tells MHProNews 68 of the 360 metro areas nationwide equaled or exceeded their last normal levels of economic and housing activity in Q1 of 2015. Based on current permit, price and employment information, nationwide the average is running at 91 percent of normal economic and housing activity. The LMI is based on employment data, house appreciation statistics and single-family housing permits.

Baton Rouge, LA leads the larger metro markets with a score of 1.43, which means it is 43 above its last normal market level. The remaining top five markets, in order, are Austin, Texas, Honolulu, Houston and Oklahoma City.

Noting the gradual pace of the housing market recovery, NAHB’s Chief Economist David Crowe says, “Despite a minor uptick in single-family permits, only 7 percent of the markets are at or above their normal permit activity.

Kurt Pfotenhauer, vice chairman of First American Title Insurance Company, which co-sponsors the LMI report, reports 157 of the 360 metro areas have attained 90 percent of their previous normal normal levels, based on 2000-2003 as the comparison. ##

(Image credit: fotosearch–question mark homes)

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

New Home Sales Drop in March

April 23rd, 2015 Comments off

pending sale  paul sakuma  AP Photo creditAccording to statistics released by the U. S. Department of Housing and Urban Development and the Census Bureau, the National Association of Home Builders (NAHB) tells MHProNews sales of new single-family homes fell 11.4 percent in March to a seasonally-adjusted annual rate (SAAR) of 481,000 units.

After two robust months of new home sales, some readjustment is inevitable,” said David Crowe, chief economist of the NAHB. “This is the best first quarter since 2008, and attractive mortgage rates and pent-up demand should keep the market moving in the right direction.

Inventory of new homes for sale hit 213,000 in March, a 5.3-month supply at the current sales pace. Regionally, only the Midwest saw new home sales rise, by 5.9 percent. Sales dropped 33.3 percent in the Northeast, 15.8 percent on the South and 3.4 percent in the West. ##

(Photo credit: AP/Paul Sakuma)

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

Housing Starts Inch Up Two Percent; Housing Permits Fall 5.7 Percent

April 17th, 2015 Comments off

home planning     theatlanticcities  creditThe National Association of Home Builders (NAHB) tells MHProNews housing starts rose two percent to a seasonally-adjusted annual rate (SAAR) of 926,000 units in March, according to data from the U. S. Department of Commerce. Single-family home production increased 4.4 percent to a SAAR in March of 618,000; multifamily starts declined 2.5 percent to 208,000 units.

NAHB Chief Economist David Crowe said, Builders are being careful not to add inventory beyond expected demand, especially as they struggle with increasing costs for lots, labor and materials,” said NAHB Chief Economist David Crowe. “However, pent-up demand, low mortgage interest rates and a growing economy should keep the housing industry moving forward throughout the rest of the year.

Regionally, multifamily and single-family housing starts surged in the Northeast 114.9 percent, and rose in the Midwest 31.3 percent. Housing production fell 19.3 percent in the West and 3.5 percent in the South.

Overall permit issuance fell 5.7 percent in March to a rate of 1.039 million, led by the multifamily sector which dropped 15.9 percent, while single-family permits rose 2.1 percent. Only the Northeast saw a gain in permits, rising 39.8 percent. The South dropped 14.2 percent, the Midwest fell 4.4 percent, while the West lost 4.3 percent. ##

(Image credit: theatlanticcities–home planning)

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

Housing Market Index Rises to Highest Yearly Point

April 15th, 2015 Comments off

house building  comstock premiumThe National Association of Home Builders (NAHB) tells MHProNews builder confidence for single-family, newly-built homes rose four points in April to 56 points on the NAHB/Wells Fargo Housing Market Index (HMI). Any number over 50 indicates more builders see conditions as good rather than poor.

NAHB Chief Economist David Crowe said, “The HMI component index measuring future sales expectations rose five points in April to its highest level of the year. This uptick shows builders are feeling optimistic that the housing market will continue to strengthen throughout 2015.

Based on a survey that has been conducted for 30 years, the index measures current single-family home sales, sales expectations for the next six months, and traffic of prospective home buyers. Regionally, gauging the three month moving index for HMI scores, the South rose a point to 56, the Northwest remained at 42, the Midwest dropped two points to 54, while the West fell three points to 58. ##

(Photo credit: comstockpremium)

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