Economists say construction forecast remains steady despite pandemic

Economists say construction forecast remains steady despite pandemic Economists says that the industry’s post-recession rebound will be crucial to states like Nevada; in October construction made up roughly 1in 14 jobs in the state… Read More The Nevada Independent https://thenevadaindependent.com/article/economists-say-construction-forecast-remains-steady-despite-pandemic-stadium-completion

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Mortgage Rates Fall Again

Mortgage Rates Fall Again The average 30-year mortgage rate fell to 2.796% while the 15-year mortgage rate fell to 2.278% right after Thanksgiving… Read More Motley Fool https://www.fool.com/mortgages/2020/11/27/todays-mortgage-rates-november-27-2020-rates-fall/

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Median Home Price Sets New Record in California

Median Home Price Sets New Record in California In September, California’s median home price reached $712, 430, finishing four straight months of record highs… Read More The New York Times https://www.nytimes.com/2020/11/30/realestate/california-housing-market-price.html

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12/1: MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY Pending home sales slip 1.1 percent in October, but still up 20.2 percent year-on-year The Pending Home Sales Index fell 1.1% to 128.9 in October, the second straight month of decline. Year-over-year, however, contract signings rose 20.2%. Contract activity was mixed among the four major U.S. regions, with the only positive month-over-month growth happening in the South, although each region achieved year-over-year gains in pending home sales transactions. https://www.nar.realtor/newsroom/pending-home-sales-dip-1-1-in-october   Federal Reserve meeting minutes reveal more stimulus needed Financial conditions were little changed, on net, over…

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Affordable Housing Lottery Launches For BPHN Senior Residences In East Flatbush, Brooklyn

Affordable Housing Lottery Launches For BPHN Senior Residences In East Flatbush, Brooklyn BPHN Senior Residences is now open, a mix-used development in Brooklyn with 58 studio apartments for senior residents at 50% of the area median income… Read More New York Yimby https://newyorkyimby.com/2020/11/affordable-housing-lottery-launches-for-bphn-senior-residences-in-east-flatbush-brooklyn.html

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11/26 – MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY New home sales slip 0.3 percent in October, but up 41.5 percent year-on-year Sales of new single-family houses in October 2020 were at a seasonally adjusted annual rate of 999,000, 0.3 percent below the revised September rate of 1,002,000, but is 41.5 percent above the October 2019 estimate of 706,000.  The seasonally-adjusted estimate of new houses for sale at the end of October was 278,000. This represents a supply of 3.3 months at the current sales rate. https://www.census.gov/construction/nrs/pdf/newressales.pdf   Purchase loans up 4 percent from…

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Homebuilders cater to changes influenced by pandemic’s impact on work and family

Homebuilders cater to changes influenced by pandemic’s impact on work and family The pandemic has had a big impact on what buyers are looking for in a new home. Lower interest rates have helped spur an active market for buyers and sellers… Read More WRAL.com https://www.wral.com/coronavirus/home-builders-cater-to-changing-demands-influenced-by-pandemic-s-impact-on-work-and-family-life/19400368/

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Multifamily Built-for-Rent Share: 96%

Multifamily Built-for-Rent Share: 96% According to NAHB analysis of quarterly Census data, the market share of rental units of total multifamily construction starts remained at 96% during the third quarter of 2020… Read More Eye On Housing http://eyeonhousing.org/2020/11/multifamily-built-for-rent-share-96/

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