The Key to Reducing Post-Refi Boom Borrower Churn

In this webinar, PRMG Chief Lending Officer Kevin Peranio will help attendees sort through the right technologies as he shares the tech investments that have had the biggest impact on his business.

Tracey Velt breaks down the latest RealTrends 500 rankings

During the episode, Velt highlights which brokerages achieved top rankings in both categories for 2020, and shares what stood out to her the most about the rankings.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

About 7M refi candidates missed the “forever rate” boat

Rates jumped to 3.17% last week and Black Knight reported that there are now just 11.1 million “high quality” refi candidates. The smallest number of potential refi candidates in a year.

Real Estate

U.S. construction spending rises 4.1% from November 2018

Residential construction spending grows 2.7% from 2018

In November 2019, U.S. construction spending amounted to a seasonally adjusted annual rate of $1.324 trillion, which is 4.1% above the previous year’s rate of $1.271 trillion, the Census Bureau said.

When compared to October 2019, construction spending was 0.6% above the revised estimate of $1.317 trillion.

Spending on private construction during November was at a seasonally adjusted annual rate of $985.5 billion, 0.4% above the revised October estimate of $981.1 billion, and 1.6% above a year ago.

Of that, residential construction spending was at a seasonally adjusted annual rate of $536.1 billion in November, which is 1.9% above the revised October estimate of $526.3 billion and up 2.7% from a year ago.

A measure of homebuilder sentiment, the Housing Market Index, revealed confidence improved in all U.S. regions during the month.

According to the National Association of Home Builders and Wells Fargo, which put out the monthly report, November’s sentiment levels came in at 70 points.

This rate marks the second-highest level in 2019 as it was 10 points above the year-ago month.

“Single-family builders are currently reporting ongoing positive conditions, spurred in part by low mortgage rates and continued job growth,” NAHB Chairman Greg Ugalde said.  “In a further sign of solid demand, this is the fourth consecutive month where at least half of all builders surveyed have reported positive buyer traffic conditions.

Although sales expectations rose in November, NAHB Chief Economist Robert Dietz warns homebuilders across the country continue to struggle with affordability.

“We have seen substantial year-over-year improvement following the housing affordability crunch of late 2018, when the HMI stood at 60,” said Dietz. “However, lot shortages remain a serious problem, particularly among custom builders. Builders also continue to grapple with other affordability headwinds, including a lack of labor and regulatory constraints.”

Most Popular Articles

Millions will enter housing market in 2021: Zillow

Up to 2.5 million households could enter the housing market in 2021, per Zillow. The buyers will descend on the “secondary cities” across the U.S.

Apr 07, 2021 By

Latest Articles

William Raveis ain’t no stinkin’ iBuyer

Like others, resi brokerage & lender William Raveis is happy to buy your home. But its new program doesn’t mean it’s an iBuyer.

Apr 09, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please