Industry Update: the Future of eClosing and RON

Join industry experts for an in-depth discussion on the future of eClosing and how hybrid and RON closings benefit lenders and borrowers.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

How Biden’s Neighborhood Homes proposal impacts real estate investors

Dubbed the Neighborhood Homes Tax Credit, the proposal is part of the larger American Jobs Plan legislation — also known as Biden’s infrastructure plan. Here's a look into how it impacts real estate investors.

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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