Posts Tagged ‘tom woods’

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.##

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

Homebuilder Confidence Hits Ten-year High

October 20th, 2015 Comments off

home planning     theatlanticcities  creditAccording to financialtimes, the National Association of Home Builders (NAHB) reports homebuilder confidence rose to its highest level since October 2005, climbing three points to 64, two points above expectations. Any number above 50 indicates builder sentiment is positive.

The fact that builder confidence has held in the 60s since June is proof that the single-family housing market is making lasting gains as more serious buyers come forward,” said NAHB Chairman Tom Woods.

Global economic concerns and the Federal Reserve’s preparation to raise interest rates were thought to be making the housing market sputter. In fact, Federal Reserve chairwoman Janet Yellen, calling the housing market “very depressed” in September, described the construction of new homes as “below levels that seem consistent with underlying demographics, especially in an economy that’s creating jobs.

MHProNews understands that data on new home construction and sales of previously-owned homes will be released this week as well. ##

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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. ##

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

Interest Rates, Median Home Price Falls

June 2nd, 2015 Comments off

house_keys_cnnmoney__joshua_scottThe National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI) reports that 66.5 percent of new and existing homes sold between January and March this year were affordable to families earning the median income of $65,800, the point at which half U. S. incomes are higher and half are lower.

While mortgage interest rates fell from 4.29 percent in the fourth quarter to 4.03 percent in the first quarter, the national median home price dropped $5,000 to $210,000 during the same period, according to consumeraffairs.

Meanwhile, Fannie Mae and Freddie Mac are offering mortgages with down payments as low as three percent, which allows creditworthy borrowers who do not have a large down payment access to homeownership. MHProNews understands the Federal Reserve intends to raise interest rates at some point this year, which will raise the cost of buying a home.

Home ownership builds stronger communities, provides a solid foundation for family and personal achievement and improves the quality of life for millions of people,” said Tom Woods, NAHB chairman. ##

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

NAHB Appeals to Congress to Ease Credit for Homebuyers and Contractors

April 17th, 2015 Comments off

mortgage app  housingwire creditThe National Association of Home Builders (NAHB) urged federal regulators and Congress to ease tight mortgage standards so that credit worthy borrowers could contribute to a stronger recovery of the housing market. NAHB Chairman Tom Woods testified before the Senate Banking Committee that was examining barriers to obtaining mortgage credit. He was urging the Senate to pass the Mortgage Choice Act, legislation approved by the house this week that would ease access to home loans for working class and first-time homebuyers.

He said, “By responsibly modifying the definition of points and fees for a home loan to be considered a qualified mortgage and ensuring that consumers can choose the lender and title provider best suited to their needs, this bill would allow more low- and middle-income families the opportunity to finance a home purchase.

He also asked Congress to pass the Portfolio Lending and Mortgage Access Act. “This legislation is intended to ease the ability to repay requirements for community lenders who may fear originating non-qualified mortgage loans and, therefore, may limit access to credit for home buyers whom they believe to be creditworthy,” said Woods.

Noting that federal agencies, in addition to Congress, could alleviate some of the unduly burdensome regulations surrounding credit access, he says lenders impose tighter restrictions than the VA, FHA and Fannie Mae and Freddie Mac require. As MHProNews has learned, despite recent improvement in the economy, Woods states lenders continue to withhold credit from developers seeking construction credit, saying regulators are pressuring them to reduce their loan portfolios. ##

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