Share Of Women In Construction At An All Time High

Low inflation has been a key component of the cheap mortgage  rates  that have supported the housing market this year. Now, the  Federal Reserve  is considering a policy change that could result in higher inflation and higher interest rates. As part of its yearlong review of monetary policy tools, the Fed is considering a promise to respond to sub-par inflation by boosting its inflation target, currently set at 2%, according to a Financial Times  story  on Monday citing current and former Fed policymakers. “The central bank is considering a promise that when it misses its inflation target, it will then temporarily raise that target, to make up for lost inflation,” the story said. “The idea would be to avoid entrenching low U.S. price growth which has consistently undershot its goal.” Fed policymakers are frustrated by the failure of prices to hit their target even with U.S. unemployment near 50-year lows, the story said. Fed governor Lael Brainard ...

A housing market stymied by supply shortages will get relief next year from homebuilders, according to the  National Association of Realtors . Single-family housing  starts  likely will total 1 million in 2020, the highest since 2007, the trade group said in a forecast on Wednesday. That was the year prior to the housing market meltdown that spurred a global financial rout.  Single-family housing starts averaged 1.1 million annually between 1958, when the total was 1.23 million, to 2007, when it was 1.05 million, according to government data. Home construction typically leads the U.S. economy out of recession, but this past recovery was different. “This housing cycle is definitely unique in the sense that it’s been a decade and we’re not back to normal in terms of home building,” said Lawrence Yun, NAR’s chief economist. “Many small-time builders are still out of the game. It was small-time builders in the aggregate that built many more homes than the big buil...

The U.S. economy grew at a 2.1% annualized pace in the third quarter, picking up speed from the second quarter’s 2% rate and surprising economists, who expected the Commerce Department’s second estimate to be unchanged at 1.9% on Wednesday. The upward  revision  was based on stronger readings for private inventory investment, nonresidential fixed investment, and personal consumption expenditure, the Commerce Department said. While growth has slowed from the blistering 3.1% pace recorded in 2019’s first quarter, fears of a recession are abating as low  mortgage rates  drive a rebound in the mortgage and housing markets. Refinancings are at a three-year high, and much of the savings borrowers get by lowering their rates get plowed into GDP in the form of spending. While spending is being supported by an unemployment  rate  near 50-year lows, a slowdown in the pace of job creation along with sagging consumer confidence and stagnant wage growth are causi...

The Federal Housing Finance Agency (FHFA) announced this week it will increase the 2020 conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac to $510,400 on one-unit properties and a cap of $765,600 in high-cost areas. The previous loan limits were $484,350 and $726,525, respectively. In response, C.A.R issued a statement.

The U.S. economy grew at a 2.1% annualized pace in the third quarter, picking up speed from the second quarter’s 2% rate and surprising economists, who expected the Commerce Department’s second estimate to be unchanged at 1.9% on Wednesday. The upward  revision  was based on stronger readings for private inventory investment, nonresidential fixed investment, and personal consumption expenditure, the Commerce Department said. While growth has slowed from the blistering 3.1% pace recorded in 2019’s first quarter, fears of a recession are abating as low  mortgage rates  drive a rebound in the mortgage and housing markets. Refinancings are at a three-year high, and much of the savings borrowers get by lowering their rates get plowed into GDP in the form of spending. While spending is being supported by an unemployment  rate  near 50-year lows, a slowdown in the pace of job creation along with sagging consumer confidence and stagnant wage growth are causi...

Mortgage borrowers who  shopped around  last week could’ve saved $47,768 on the life of a $300,000 loan, according to  LendingTree ’s Mortgage Rate Competition Index. The index measures the spread in the APR of the best offers available on its website. LendingTree derives that savings claim by comparing the amount a borrower would payout of over the life of a loan at the lowest available interest rate on its site versus the highest available  interest rate . According to the company’s data, although the index slid to 1.01, the share of borrowers that received rates under 4% edged up for the week ending Nov. 17, 2019.  LendingTree indicates that for  30-year fixed-rate mortgages , 51.5% of purchase borrowers received offers under 4%, increasing from 48.2% the previous week. This percentage remains significantly higher than the 2018 rate, when virtually no purchase offers were under 4%. Notably, the report highlights that across all 30-year, f...

Despite lingering regional variances, the nation’s existing-home sales increased by 1.9% in October, according to the  National Association of Realtors. Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums, and co-ops – rose to a seasonally adjusted annualized rate of 5.46 million. This means sales are 4.6% above October 2018’s rate.  “ Historically-low interest rates , continuing  job expansion , higher weekly earnings, and low  mortgage rates  are undoubtedly contributing to these higher numbers,” Lawrence Yun, NAR’s chief economist said. “We will likely continue to see sales climb as long as potential buyers are presented with an adequate  supply of inventory .” In October, the median price for an existing home was $270,900, a gain of 6.2% from last year’s rate of $255,100. This marks the 92nd straight month of year-over-year gains. According to NAR, total homes...