New housing construction starts reached a record high in December 2019 going up 16.9%. This represents a seasonally-adjusted annual rate of 1.608 million homes last December, which beat the record set in December 2006, 13 years ago, according to CNBC. This was surprising news, as predictions made before the end of the year were that housing starts in December would reach only 1.375 million homes. Experts say the current housing construction boom in the United States gets its support from the easy mortgage financing available and positive consumer expectations about the economy. What Does The New Housing Boom Mean To Buyers And Sellers? It is a wonderful time to be a home builder, except that … [Read more...]
What’s Ahead For Mortgage Rates This Week – September 10th, 2018
Last week's economic news included readings on construction spending, along with public and private-sector jobs growth. The national unemployment rate, weekly reports on mortgage rates and new jobless claims were also released. Construction Spending Rises in July July construction spending ticked up to 0.10 percent from June's negative reading of -0.80 percent. Year-over-year, construction spending was 5.80 percent higher than for July 2017.Public-sector construction accounted for most of the growth and increased by 0.70 percent as private-sector construction projects decreased by -0.10 percent. Month-to-month spending readings can be volatile, but analysts said that construction spending … [Read more...]
What’s Ahead For Mortgage Rates This Week – June 6, 2016
Last week's housing related news was limited to Construction Spending and Freddie Mac's mortgage rates survey, but labor reports suggested an economic slowdown may be in the works. Construction Spending Slips in April, Mortgage Rates Mixed According to the Commerce Department, overall construction spending slipped in April to -1.80 percent as compared to March's reading of +1.50 percent and May's expected reading of +0.70 percent. Residential construction spending was 1.50 percent lower, which doesn't help ongoing shortages of available single-family homes. Builders have repeatedly cited labor shortages and lack of developed lots as obstacles to building more homes. Year-over-year … [Read more...]
