The year 2016 was an eventful one for home building.
Business financials advice, reports, and trends for professional home builders and remodelers.
According to research from economists at the National Association of Home Builders, first-time home buyers are contributing to an increase in demand for smaller and less expensive new homes.
A report just released suggests that giving homeowners the right to rent their house at a fair market price could be a game changer in the nation's foreclosure crisis. Gains from Right to Rent in 2010, from analysts at the Center for Economic and Policy Research, suggests that ownership may not be the smartest option for some.
Foreclosures are boosting the supply of available properties and reducing prices, even as mortgage rates tumble to record lows. U.S. home prices dropped 3.3 percent in July from a year earlier, the eighth consecutive decline, the Federal Housing Finance Agency in Washington said in a Sept. 22 report.
Signs are increasingly pointing to a home building industry that is years away from recovering from the excesses of the housing boom. Even with a modest rise in construction last month, the pace of building would need to at least double to signal a healthy market and contribute in a meaningful way to job growth, according to most economists.
GMAC Mortgage is imposing a moratorium on many of its foreclosures as it tries to ensure they were done correctly. States where the moratorium is being carried out include New York, Connecticut, New Jersey, Illinois, Florida, and 18 others.
Interest rates on 30-year fixed-rate mortgages fell for the first time in three weeks, offering a glimmer of hope for a housing market that still faces plenty of obstacles. Interest rates are historically low, which may boost home loan refinancing activity and also makes homes more affordable, real estate website Zillow.com said on Tuesday.
Home builder confidence remains at multi-month lows, according to a new report by the National Association of Home Builders. The NAHB/Wells Fargo housing market index remained at 13 in September, tying the August reading for the worst showing since March 2009.
Lennar Corp, the third-biggest homebuilder in the United States, reported a higher-than-expected quarterly profit and a decline in orders that was less severe than Wall Street had feared.
A report from real estate research firm RealtyTrac Inc. said there were 1,629 Hawaii August foreclosure filings, which eclipsed the prior record of 1,534 in December.
Most watchers of the home building industry believe that friends and family networks are an important part of the future of builder financing.