Join us and TrenLot as they present a lunch & learn for proactive cost management. - How do you know whether your job is profitable as it's in progress? When do you know if it's okay to approve overtime?
Builder Confidence Reaches 20-Year High
Article by NAHB
Builder confidence in the market for newly-built single-family homes increased five points to 76 in December off an upwardly revised November reading, according to the latest NAHB/Wells FargoHousing Market Index (HMI). “While we are seeing near-term positive market conditions with a 50-year low for the unemployment rate and increased wage growth, we are still underbuilding due to supply-side constraints like labor and land availability,” said NAHB Chief Economist Robert Dietz. “Higher development costs are hurting affordability and dampening more robust construction growth.” Derived from a monthly survey that NAHB has been conducting for 30 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor. All three HMI components registered gains in December. The HMI index gauging current sales conditions rose seven points to 84, the component measuring sales expectations in the next six months edged up one point to 79 and the measure charting traffic of prospective buyers increased four points to 58.
Proposal Would Modernize CRA Rules
Article by NAHB
The FDIC and the Office of the Comptroller of the Currency (OCC) recently announced a proposal to modernize the agencies’ regulations under the Community Reinvestment Act (CRA) that have not been substantively updated for nearly 25 years. The proposed rules are intended to address digital banking and to encourage lending to low- and moderate-income borrowers.
MIT Report Suggests Greater Use of Factory-Built Homes
Article by NAHB
Factory-built houses — i.e., modular, panelized or pre-assembled homes — could help increase affordable housing stock and significantly aid in disaster response and recovery, according to a new study from the MIT Humanitarian Supply Chain Lab. But factory-built homes comprise just 3% of single-family homes in the United States. The report, “Disaster Housing Construction Challenges in America,” seeks to inform emergency managers, state housing agencies, policymakers, community leaders, home builders and other stakeholders about how to make better use of factory-built homes. The recommendations are intended to better address the challenges faced by disaster housing, leverage the potential of factory-built housing at scale, approach the nation’s affordable housing challenges from a new direction, and produce better disaster recovery outcomes for all Americans.
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Deal Reached on USMCA Trade Pact
Article by NAHB
The White House and House Democrats have agreed on a deal to advance the U.S.-Mexico-Canada Agree- ment (USMCA). The House ratified the trade pact on Dec. 19. The Senate is expected to follow suit soon. Trade policy affects housing costs andthe USMCA has important implications for the home building industry. The U.S. residential construction and remodeling industries rely on tens of billions of dollars in building materials sourced from Mexico and Canada annually.
FHA Announces 2020 Loan Limits
Article by NAHB
The Federal Housing Administration (FHA) has announced itsloan limits for 2020. The nationwide rise in median home prices indicates most buyers across the country will see increases. The FHA floor will increase from $314,827 to $331,760 for single-family home loans. FHA’s high-cost conforming loan limit and will increase from $726,525 to $765,600 for single-family home loans.
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