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

U.S. construction spending declines 0.8% in October

Residential construction spending falls 0.5% from last year

During the first ten months of 2019, U.S. construction spending amounted to $1.087 trillion, which is 1.7% below last year’s rate of $1.105 trillion, the Census Bureau said.

Despite this decline, the organization reports October’s construction spending was 1.1% above last year’s rate.

Nevertheless, construction during October was estimated at a seasonally adjusted annual rate of $1.291 trillion, falling 0.8% from the revised September estimate of $1.302 trillion.

Spending on private construction was at a seasonally adjusted annual rate of $956.3 billion, 1% below the revised September estimate of $966.1 billion, and 1.8% below a year ago.

Of that, residential construction spending was at a seasonally adjusted annual rate of $508.2 billion in October, which is 0.9% below the revised September estimate of $512.6 billion but 0.5% down from a year ago.

Nevertheless, a measure of homebuilder sentiment in October revealed the nation’s low-interest rates and strong job market supported confidence during the month.

According to the National Association of Home Builders and Wells Fargo, the Housing Market Index, which measures current sales conditions, moved forward 78 points, while buyer traffic increased to 54 points in October.

Additionally, homebuilder expectations for the next six months jumped to 76. 

“The second half of 2019 has seen steady gains in single-family construction, and this is mirrored by the gradual uptick in builder sentiment over the past few months,” NAHB Chief Economist Robert Dietz said. “However, builders continue to remain cautious due to ongoing supply-side constraints and concerns about a slowing economy.”

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