What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Real Estate

NAHB: Home renovation spending expected to boom, while homebuilder pockets bust

Many remodeling experts fear the rising costs of labor and material

Homebuilders expect consumer confidence and demand to boost home renovation spending within the next two years, according to the National Association of Home Builders.

In fact, NAHB predicts that remodeling spending for owner-occupied single-family homes will rise by 1.6% in 2019, followed by another 1.1% in 2020. 

But as more and more Americans look to remodel their homes, homebuilders around the country fear what that means for their wallets.

“Remodeler confidence continues to remain at a high level, as remodeling spending reached $172 billion in 2018," NAHB Remodelers Chair Joanne Theunissen said. "Although there is steady consumer demand in all areas of the country, the biggest challenges continue to be the costs of labor and materials to meet the interest."

The industry, like many in the country, grapples with affordability concerns, following taxing regulations that have hindered growth.

Notably, a new report from Houzz explains that although the remodeling industry is likely to have another successful year, many experts are proceeding with caution.

“Residential construction and design service professionals large and small have sustained a remarkable multi-year run with upper-single to double-digit revenue growth,” Houzz Principal Economist Nino Sitchinava said. “Based on qualitative feedback, the recent deceleration in growth of construction services is likely a function of capacity constraints due to labor shortage, rather than a contracting demand.”

That being said, the most recent employment Situation Summary report from the U.S. Bureau of Labor Statistics revealed construction jobs increased 52,000 in January, rising from 38,000 in December 2018.

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