Share Of Women In Construction At An All Time High

Two US Census Bureau researchers have determined that the biggest determinants of household wealth are  owning a home and having a retirement account .  While that may not be surprising, the degrees of magnitude are. Using data from the 2015 Survey of Income and Program Participation, Jonathan Eggleston, an economist, and Donald Hays, a survey statistician in the Bureau's Social, Economic and Housing Statistics Division found that the wealth inequality between homeowners and renters is striking, with the former having median  net worth 80 times that of the latter.   Further, they found wide variations in wealth across demographic and socioeconomic groups.  Given that the two are using 2015 data and with the rapid increase in home values since then, the degree of inequality today is probably greater. The authors say net worth is an important indicator of economic well-being that provides insights into a household's economic health.  For example, during financial hardships s

More than half of the people currently searching for a home say they will put their search on hold until they see recovery in the economy, according to  realtor.com . An increasing number of homebuyers expect a recession in the next three years, yet remain optimistic that it will be weaker than the Great Recession. "Economic activity is cyclical, so yes, undoubtedly we will face another recession at some point in the future, but we do not expect it to be anything like 2008," said George Ratiu, senior economist at realtor.com.  More than 36% of the 755 active buyers surveyed said they expect the next recession to begin in 2020. In March, less than 30% of the 1,015 surveyed said they expected a recession in 2020.  However, 17% of current home shoppers expect a recession to hit this year, while 14% said they think it will hit in 2021, 7% said sometime in 2022 and 8% expect it to happen in 2024. Just 17% reported they don’t know when a recession would happen. "T

As more older homeowners are  indicating  that they plan to age in place, the lack of available homes for purchase will continue to impact younger prospective homebuyers.  In fact, a ccording to new data from the  National Association of Homebuilders , only 20% of prospective homebuyers expect the search for a home to ease up in the coming months. In the same time period last year (2nd quarter of 2018), 21% thought the same thing, meaning the perceived lack of inventory has not improved in the last year.  Generationally, only 10% of seniors think the search for a home will get easier. Meanwhile, only 20% of Millennials, 21% of Baby Boomers and 21% of Gen Xers think the search will get easier in the next few months.  Regionally, 17% of prospective homebuyers in the Midwest think buying a house will be easier, compared to 19% in the Northeast, 21% in the West and 22% in the South.  The availability and affordability of homes per region are also an underlying factor to realizin

A recession is coming. The only question is when. The current expansion, which turned  10 years  old last month, is already twice as long as the average U.S. economic growth period, according to the  National Bureau of Economic Research .  About 2% of economists, strategists, academics, and policymakers believe a recession will start this year,  realtor.com  said, based on a survey of more than 200 members of  NBER . Meanwhile, nearly 40% believe one will begin in 2020, while 25% anticipate one starting in 2021. Fourteen percent expect it won't materialize until after 2021. Economists typically define a recession as a contraction in gross domestic product for at least two consecutive quarters. “Although the R-word may be a trigger for those who remember—or even experienced—the mass layoffs, scores of foreclosures, and plummeting home prices of the last downtown, folks shouldn't panic just yet,” the realtor.com article said. “And they shouldn't expect another real est

According to  U.S. & World Report News , there are plenty of  reasons  to invest in smart home upgrades to use now, or increase the value of the home when it is up for sale. Subbing permanent features with technology is the biggest key factor in making a big profit off of a smart home.  Realtor.com  listed smart technology, energy-efficient appliances, USB outlets and garage outlets as items that attract the  Millennial  buyer, the biggest buying generation.  "Appliances such as smart thermostats, smart doorbells, and more that can be controlled from an app are all the rage," said Kerron Stokes, a real estate agent with  Re/Max Leaders  in Colorado said to Realtor.com. "Connectivity is king when putting a house on the market these days." Since the introduction of the smart doorbell, smart devices have been coming out of the woodwork and into the home.  Home Depot  even has a “smart home” section on their website. Voice assistants like  Google  Home an

Increasing anxieties over a recession could be the cause of the next recession, according to  Analyticom  President Dan Geller, developer of the theory of money anxiety. Geller’s theory explains that an increase in money anxiety can lower consumer confidence and cause a recession by reducing consumer consumption by just 5%. Since consumer consumption makes up about 70% of gross domestic product, a 5% reduction in spending equals 3.5% of GDP, which is greater than the projected GDP for 2019. In July 2019, the Money Anxiety Index was flat at 44, the same as June, but slightly higher than May’s 42.7 points. While these figures are relatively low and don’t point to an immediate recession, Geller explained that the constant hype about a recession could increase the level of money anxiety. “An example of how recession hype can increase peoples' perceived anxiety and reduce their confidence in the economy can be seen in the preliminary August figures of the Michigan Survey of Con

Builder confidence in the market for newly-built single-family homes rose one point to 66 in August, according to the latest NAHB/Wells Fargo Housing Market Index (HMI) released today. Sentiment levels have held at a solid 64-to-66 level for the past four months. “Even as builders report a firm demand for single-family homes, they continue to struggle with rising construction costs stemming from excessive regulations, a chronic shortage of workers and a lack of buildable lots,” said NAHB Chairman Greg Ugalde. “While 30-year mortgage rates have dropped from 4.1% down to 3.6% during the past four months, we have not seen an equivalent higher pace of building activity because the rate declines occurred due to economic uncertainty stemming largely from growing trade concerns,” said NAHB Chief Economist Robert Dietz. “Although affordability headwinds remain a challenge, demand is good and growing at lower price points and for smaller homes.” Derived from a monthly survey that NAHB ha

The  Federal Reserve  released the minutes Wednesday from its July Federal Open Markets Committee meeting, showing that more rate cuts are likely through the end of 2020. At the end of its most recent July meeting, the Federal Reserve  cut its benchmark rate  by a quarter percentage point in a bid to keep the longest economic expansion in U.S. history from petering out. It was the first reduction since the financial crisis more than a decade ago. Now, the Fed released its minutes from the meeting, giving insight into the committee’s reasoning for the rate cut. The committee gave three overarching reasons for its decision to lower interest rates: a slowdown in economic activity, trade policy risks and slowing global growth and low wage growth and inflation. “In particular, sluggish U.S. business fixed investment spending and manufacturing output had lingered, suggesting that risks and uncertainties associated with weak global economic growth and in international trade were we

The  Department of Housing and Urban Development  announced Tuesday that is providing $27.8 million to 38 Public Housing Agencies across the country to reduce lead-based paint hazards in older public housing units. Although lead-based paint was banned for use in homes in 1978, HUD currently estimates that there are approximately 24 million older homes that still have significant lead-based paint hazards. And while most public housing has already undergone abatement for lead, HUD states that there are still some properties where lead-based paint remains or hazards have redeveloped. As such, HUD is continuing its work to remove lead-based paint from public housing.  “We have no higher calling than to make certain the public housing that taxpayers support is healthy for our vulnerable families to live in,” HUD Secretary Ben Carson said in a release. “As a doctor who treated many young children, I witnessed the close connection between health and housing. Today we make another cri

It’s no secret that  Amazon ’s presence has the ability to  make or break  a housing market, so it should come as no surprise that metros surrounding its upcoming  HQ2 location  are now thriving. According to a report from  Redfin , if you want purchase a home in Arlington or Alexandria, Virginia, which are the two closest cities to HQ2's home of  Crystal City , you’ll need some luck as data indicates these metros are now the nation’s most competitive housing markets. In order to determine this, Redfin utilized its Compete Score tool, which rates housing competition in cities and neighborhoods. The tool is used to help sellers strategize listings, and homebuyers understand “what it takes” to win a home in some of the country's most lucrative markets. Redfin’s Compete Score ranks markets from a 0-100 scale. Homes in markets ranked closer to zero on the scale take months to sell, whereas homes in areas that rank closer to 100 typically receive multiple offers. Accordin

Fannie Mae  lowered its housing forecast on Friday, saying existing home sales will decrease this year compared with 2018. It was the first time the mortgage giant projected a 2019 decline. The projection comes at a time when mortgage  rates  are near three-year lows and housing  optimism  is at an all-time high. A Fannie Mae report earlier this month said a record amount of people believe now is a good time to buy a home. But, there’s something that trumps low rates and elevated optimism, the mortgage giant said: Supply shortage. “Strong housing sentiment does little in the face of limited supply,” Fannie Mae said in commentary accompanying the forecast. “The likely cause of this decline is the persistent issue of limited housing supply, which restricts the potential for a sustained growth in home sales.”  The inventory of homes for sale in June matched the year-earlier month that was a record low for June, in a data series that goes back to 2000. The biggest reason is: The h

The  Department of Housing and Urban Development  on Friday proposed making changes to the nation’s fair housing rules, a move that fair housing advocates claim is part of a Trump administration effort to “gut” federal protections against housing discrimination. HUD announced Friday that it is proposing changes to its interpretation of the Fair Housing Act’s disparate impact standard, a rule enacted by HUD during the Obama administration and used as a way to enforce the Fair Housing Act. At its most basic, the updated guidelines revise the current loose, three-step threshold for Fair Housing violations and impose a specific, five-step approach that would require regulators to prove intentional discrimination on the lender’s behalf. On a call with reporters, HUD General Counsel Paul Compton said the pending rule changes shift the burden of proof in Fair Housing cases from the defendant, who previously had to show that there was no other way to avoid disparate impact on protecte

Buying a home for the first time is thrilling, but it’s also a little confusing. From credit checks to interest rates to mortgage types, there’s a lot to decipher when you start shopping for a home loan. You need to get your finances in order, but that’s not always as simple as it might seem. Here’s how to prepare for buying your first home, plus a few hacks to get you the best deal. First Steps for First-Time Homebuyers While there are plenty of hacks to help you out with home buying, first we’ll take a moment to cover the basics. You need to know your credit score, which indicates how much of a risk you are to mortgage lenders. The higher your score, the better, so knowing where you are can help you work toward preparing for a home purchase. According to US News, a good credit score is between 670 and 739. You can check your credit score for free once every 12 months, per the Federal Trade Commission. Free apps and credit reports are also available, with some financial institutions

Things looked bleak for the mortgage business earlier this year, as data from the  Federal Reserve Bank of New York’s Center for Microeconomic Data  showed  that the first quarter of this year was the mortgage business’ worst quarter in four years, but maybe it’s not complete doom and gloom after all. In fact, new data from the New York Fed shows that the mortgage business rebounded big-time in the second quarter of 2019, with originations rising to their highest level since the third quarter of 2017. According to New York Fed data, mortgage originations, which include mortgage refinances, increased by $130 billion over  last quarter’s total  of $344 billion to $474 billion, the highest volume seen since the third quarter of 2017. The common denominator between the second quarter of this year and the third quarter of 2017: interest rates below 4%. According to data from  Freddie Mac , the second half of 2017 was the last time mortgage rates were as comfortably below 4% as th

The  Federal Reserve Bank of New York  described U.S. home sales as “soft,” “anemic,” and “lackluster” in a Monday  report . “Housing activity indicators remained soft in June,” the New York Fed said. “Existing home sales fell in June, while new home sales only partially rebounded. Single-family housing starts and permits remained anemic.” The report pointed to June’s existing home sales level, which was 1.7% below a year ago, as part of the reason for its conclusion: “Home sales remain lackluster.” Still, all is not lost.  “Favorable labor market conditions and a substantial decline in mortgage interest rates continue to act as positive forces,” the report said. “Inadequate inventories in affordable price ranges continue to be a drag on sales and to fuel home price increases.” The report noted the sluggish pace of  home building . While there was some improvement in June, single-family housing starts over the past 12 months were flat with the year-earlier period, the econ

Purchasing a home is one of the biggest decisions a person can make during their lifetime. After all, where you live determines many factors about your life, including where you work, worship or even send your children to school. As back to school season approaches, a recent report from  the National Association of Realtors  highlights the different purchasing and selling habits of Americans, revealing that a significant share root their home purchasing decisions in school district quality. “Parents inherently make sacrifices for their children and family, and that is no different when shopping for a home,” NAR chief economist Lawrence Yun said. “Of course, affordability is a part of the decision, but we have seen buyers with kids willing to spend a little more in order to land a home in a better school zone or district.”  According to the company, the starkest difference between homebuyers that have children under the age of 18 and those who do not, is the influence of the ne

Contemporary-Style Kitchens at a Glance Contemporary kitchens embrace negative space, strong shapes and clean lines, while leaving plenty of room for experimentation. Fully embracing the latest in technology, materials and trends, they are flexible and creative. Here are some common elements to look for: Cutting-edge appliances Dramatic lighting Mixed materials A unique island A creative backsplash Monita Cheung Design Ltd What You Won’t Find in Contemporary Kitchens Contemporary kitchens  stay away from heavy embellishments and traditional shapes . Here’s what you won’t see: Cluttered surfaces Elaborate edge treatments on countertops Heavy, traditional furnishings Highly embellished millwork Studio35 York High-Contrast Color While it’s true that white is a popular choice for contemporary kitchens, it’s certainly not the only option. Color in a contemporary kitchen can be bright and bold or soft and subtle. Consider using crisp white walls as a j