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Builder confidence posts solid gain

In a signal that the housing market is showing signs of stabilizing and gradually moving forward in the wake of the COVID-19 pandemic, builder confidence in the market for newly-built single-family homes increased seven points to 37 in May, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today. The rise in builder sentiment follows the largest single monthly decline in the history of the index in April. Read More

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Broad decline for home construction in April

In a sign of the growing economic toll from the coronavirus pandemic, total housing starts decreased 30.2 percent in April to a seasonally adjusted annual rate of 891,000 units, according to a report from the U.S. Housing and Urban Development and Commerce Department. Read More

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Multifamily builder confidence weak in Q1

Confidence in the market for new multifamily housing weakened significantly in the first quarter of 2020, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The survey was conducted during the first part of April, when many of the effects of the pandemic had become apparent. Read More

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Housing affordability down due to economic losses

"The affordability decline is tied to the coronavirus outbreak as job losses surged and median income fell due to reduced economic activity," said NAHB chief economist Robert Dietz. "However, housing demand started the year strong, interest rates are expected to stay at low levels for the foreseeable future and home prices have held remarkably stable over the past four quarters. As virus mitigation efforts show signs of success, workers will return to their jobs, and housing will help lead the economy to higher ground." Read More

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Builder confidence in 55+ housing sees big drop

"Like the broader housing market, the 55+ housing market has taken a significant hit due to the effects of the pandemic," said NAHB chief economist Robert Dietz. "While we expect to see some further impacts in the short-term, we do expect the housing market to stabilize later this year and help lead the economy back to more solid footing."   Read More

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BEA News: Personal Income and Outlays, March 2020

Personal income decreased 2.0 percent in March after increasing 0.6 percent in February. Wages and salaries, the largest component of personal income, decreased 3.1 percent in March after increasing 0.5 percent in February. Read More

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BEA News: Gross Domestic Product, 1st Quarter 2020 (Advance Estimate)

Real gross domestic product (GDP) decreased 4.8 percent in the first quarter of 2020, according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2019, real GDP increased 2.1 percent. Read More

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New Home Sales Fall in March Amid Virus Concerns

"Despite the sharp decline in new home sales this month, the first quarter of 2020 was actually 6.7 percent higher than the same period last year, reflecting a strong pace prior to the virus outbreak," said Dean Mon, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Shrewsbury, N.J. "While we expect to see some further impacts to the industry, we remain confident that housing will be a sector that will help lead the economic recovery." Read More

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New home sales fall 15.4 percent in March

Sales of newly built, single-family homes fell 15.4 percent to a seasonally adjusted annual rate of 627,000 units in March, coming off a downward revision in February, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The March rate is 9.5 percent lower than the March 2019 pace. Read More

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Rental affordability crisis climbing

Despite a slowdown in demand and the continued strength of new construction, rental markets remain extremely tight. With vacancy rates at decades-long lows, rents have soared — far outpacing the rebound in household incomes. As a result, the number and share of cost-burdened renters are again on the rise, especially among moderate-income households. These conditions are the result of fundamental changes in rental markets since the recession, including an influx of higher-income households, constraints on new supply, and losses of the low-cost stock.  Read More