NAHB News

National Association of Home Builders

Eye On Housing National Association of Home Builders Discusses Economics and Housing Policy

  • Second Look at GDP Growth in the First Quarter – A Little Better, But About the Same
    by Robert Denk on May 26, 2017 at 5:21 pm

    The Bureau of Economic Analysis (BEA) released the second estimate of real GDP growth in the first quarter of 2017. Economic activity expanded at a 1.2% seasonally adjusted annual rate, an upward revision from the previous 0.7% estimate. This estimate is based on more complete data than was available for the “advance” estimate. Real GDP grew at a 2.1% rate... Read More &rsaquo […]

  • NAHB Releases Remodeling by Zip Code Estimates for 2017
    by Paul Emrath on May 26, 2017 at 12:27 pm

    NAHB recently released its latest projections of spending on improvements to owner-occupied housing by zip code. The projections show total spending on improvements, the number of owner-occupied homes, as well as average spending per improvement, in each of over 26,000 zip codes for calendar year 2017. The estimates are based on a model relating improvement spending to five key variables:... Read More &rsaquo […]

  • Multifamily Developer Confidence Dips in First Quarter as Market Levels Off
    by Carmel Ford on May 25, 2017 at 2:05 pm

    The Multifamily Production Index (MPI) dropped seven points to 48 in the first quarter of 2017, according to the National Association of Home Builders (NAHB). The last time the MPI had a reading below 50 was in the fourth quarter of 2011 (Figure 1). Figure 1: NAHB Multifamily Production Index (MPI) and Multifamily Starts (in thousands) The MPI measures builder... Read More &rsaquo […]

  • May Meeting of the Federal Open Market Committee – From Idea to Proposal
    by Robert Denk on May 25, 2017 at 12:30 pm

    Beyond confirming that if economic activity continues to unfold as expected another increase in the federal funds rate would be appropriate soon (June), the minutes from the May meeting of the Federal Open Market Committee (FOMC) added relatively little to the picture of the path of monetary policy that was laid out in the post-meeting statement and previous policy discussions.... Read More &rsaquo […]

  • Slower Growth for AD&C Loans
    by Robert Dietz on May 24, 2017 at 4:05 pm

    The volume of residential construction loans increased by 1.6% during the first quarter of 2017, marking 16 consecutive quarters of growth. However, the growth rate for lending during the fourth quarter of 2016 and the start of 2017 were the slowest since early 2013. Tight availability of acquisition, development and construction (AD&C) loans has been a limiting factor for home building growth, but easing credit conditions and a growing loan... Read More &rsaquo […]

  • Trends in Delinquency Rates Point to Continued Healing
    by Michael Neal on May 24, 2017 at 4:01 pm

    Following a surprising, but small, increase in the percent of 1-4 family first-lien mortgages that were either 90 or more days delinquent or were in the process of foreclosure over the fourth quarter of 2016, the Mortgage Bankers Association reported that the measure continued its descent in the first quarter of 2017. This measure of delinquency, at least for conforming... Read More &rsaquo […]

  • April Buyers Chafe at Supply Constraints
    by Stephen Melman on May 24, 2017 at 3:25 pm

    Existing home sales declined 2.3% in April as inventory fell year-over-year for the 23rd consecutive month, while the velocity of sales increased to the highest level since the National Association of Realtors (NAR) began tracking the monthly sales timeframe.  At the current sales rate, the April unsold inventory represents a 4.2-month supply, up from the March 3.8-month supply, but down... Read More &rsaquo […]

  • AD&C Financing Standards Continue to Ease
    by Michael Neal on May 23, 2017 at 5:00 pm

    Over the first quarter of 2017, builders and developers reported easing credit conditions for acquisition, development, and single-family construction (AD&C) loans and the pace of easing quickened. Historically, results from the NAHB’s AD&C Financing Survey have tracked quarterly changes in bank-held residential construction loans. The overall net tightening index based on the AD&C Financing Survey was -25.0 in the first... Read More &rsaquo […]

  • Decline for April Sales Masks 2017 Gains
    by Robert Dietz on May 23, 2017 at 3:05 pm

    Contracts for new single-family home sales fell more than expected in April, declining 11.4% to a 569,000 seasonally adjusted annual rate according to estimates from the joint data release of HUD and the Census Bureau. The decline occurred after solid, positive revisions for new home sales for the first three months of the year. All told, total new home sales for 2017 stand at 210,000, a 11.3%... Read More &rsaquo […]

  • Multifamily Built-for-Rent Share Remains Elevated
    by Robert Dietz on May 23, 2017 at 12:35 pm

    An elevated market share for new rental multifamily homes is holding typical apartment size below levels seen during the pre-recession period. However, as multifamily developers build more for-sale housing units in the years ahead, the average size of multifamily homes is likely to rise. The recent pattern of change in the size of new multifamily units stands in contrast to the post-recession increase in the size... Read More &rsaquo […]

 

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