Sales of newly built, single-family homes rose 12.2% in 2016 to 563,000 units, the highest annual rate since 2007, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. New home sales fell 10.4% in December 2016 to a seasonally adjusted annual rate of 536,000 units.
“We are encouraged by the growth in the housing sector last year, and by the fact that builders increased inventory by 10% in anticipation of future business,” said Robert Dietz, chief economist of the National Association of Home Builders. “National Association of Home Builders’ forecast calls for continued upward momentum this year, with housing starts expected to rise 10% over the course of 2017.”
“To ensure sales continue to move forward in 2017, builders need to price their homes competitively, especially given that mortgage interest rates are expected to rise this year,” said National Association of Home Builders Chairman Granger MacDonald.
The inventory of new home sales for sale was 259,000 in December, which is a 5.8-month supply at the current sales pace. The median sales price of new houses sold was $322,500.
Regionally, new home sales increased 48.4% in the Northeast. Sales fell 1.3% in the West, 12.6% in the South and 41% in the Midwest.
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Showing posts with label economics. Show all posts
Showing posts with label economics. Show all posts
Friday, January 27, 2017
Friday, November 18, 2016
Housing Starts Jump 25.5% in October
Led by impressive gains in both single-family and multifamily production, nationwide housing starts surged 25.5% in October to a seasonally adjusted annual rate of 1.32 million units, according to newly released data from the US Department of Housing and Urban Development and the Commerce Department. Single-family starts reached their highest level since October 2007 while multifamily production jumped 68.8% from the previous month.
“These robust figures correlate with strong builder optimism in the housing market,” said National Association of Home Builders Chairman Ed Brady. “A firming job market, a growing economy and rising household formations will keep the housing recovery on track into next year.”
“Multifamily production bounced back after an unusually weak reading last month, while single-family starts exhibited unusually strong growth as well,” said National Association of Home Builders Chief Economist Robert Dietz. “Though October’s single- and multifamily production rates are clearly unsustainable, we expect continued growth in the housing sector in the months ahead.”
Single-family starts rose 10.7% in October to a seasonally adjusted annual rate of 869,000 units while multifamily production climbed 68.8% to 454,000 units.
Combined single- and multifamily starts posted double-digit gains in all four regions in October. The Northeast, Midwest, South and West increased 44.8%, 44.1%, 17.9% and 23.2%, respectively.
Overall permit issuance edged up 0.3% to a seasonally adjusted annual rate of 1.23 million in October. Single-family permits rose 2.7% to a rate of 762,000, while multifamily permits fell 3.3% to 467,000.
Permit issuance increased 12.1% in the Midwest and 7.5% in the West. Meanwhile, the Northeast and South posted respective losses of 21.1% and 2.4%.
“These robust figures correlate with strong builder optimism in the housing market,” said National Association of Home Builders Chairman Ed Brady. “A firming job market, a growing economy and rising household formations will keep the housing recovery on track into next year.”
“Multifamily production bounced back after an unusually weak reading last month, while single-family starts exhibited unusually strong growth as well,” said National Association of Home Builders Chief Economist Robert Dietz. “Though October’s single- and multifamily production rates are clearly unsustainable, we expect continued growth in the housing sector in the months ahead.”
Single-family starts rose 10.7% in October to a seasonally adjusted annual rate of 869,000 units while multifamily production climbed 68.8% to 454,000 units.
Combined single- and multifamily starts posted double-digit gains in all four regions in October. The Northeast, Midwest, South and West increased 44.8%, 44.1%, 17.9% and 23.2%, respectively.
Overall permit issuance edged up 0.3% to a seasonally adjusted annual rate of 1.23 million in October. Single-family permits rose 2.7% to a rate of 762,000, while multifamily permits fell 3.3% to 467,000.
Permit issuance increased 12.1% in the Midwest and 7.5% in the West. Meanwhile, the Northeast and South posted respective losses of 21.1% and 2.4%.
Tuesday, August 9, 2016
More Slab Foundations, Two-Story Homes Still Dominate
Information obtained from the public-use microdata files provided by the U.S. Census Bureau’s Survey of Construction and tabulated by the National Association of Home Builders, shows that there is a greater share of two or more story homes completed than one story homes. In addition, the greatest share of two or more story homes are in divisions along the coasts of the country. Analysis of the data shows that the Northeast region has a significantly higher proportion of two or more story single-family home completions compared to its counterparts across the country. Similarly, the Pacific Division, a component of the West Region, also has a noticeably higher proportion of two or more story homes completed.
The Survey of Construction is a monthly and annual report released by the US Census Bureau that records valuable information related to the home building industry. This information includes variables such as start and completion dates, sales price, square footage and number of bedrooms. Survey of Construction data is used by the Department of Housing and Urban Development to evaluate housing programs as well as by the Federal Reserve Board to determine the state of the economy as a whole.
Nationwide, the majority of single-family homes completed in 2015 were two or more stories, 58%, the rest, 42%, were one story. The data show that the Northeast has the largest proportion of completed two or more story single-family homes. The distributions between one story and two or more story completed homes are similar in the South and the West. In the South, 57% of completed single-family homes were two or more stories and 43% were one story while in the West, 59% of completed single-family homes were two or more stories and the rest, 41%, were one story. The Midwest was the only region of the country where the majority of single-family completed homes were one story.
In contrast to the nationwide distribution between one story and two or more story completed homes, arecent National Association of Home Builders report chronicling consumers’ housing preferences finds that most, 64% of all buyers, would prefer a single-story home, however it is important to point out that this result is driven primarily by older buyers that may be exhibiting a preference for single-story homes due to aging-in-place concerns. According to National Association of Home Builders' Housing Preferences of the Boomer Generation, 75% of boomers and 88% of seniors want one floor living, but fewer than half of millennials, 35%, and generation X’ers, 49%, prefer a one story home.
Looking deeper, the similarities between the West and the South mask differences between the Census divisions that compose each region. While overall, 59% of single-family completed homes in the West were two or more stories, 69% were two or more stories in the Pacific Division while fewer than half, 47% were two or more stories in the Mountain Division. Similarly, while 57% of single-family completed homes were two or more stories across the entire South region, 66% of completed homes in the South Atlantic were two or more stories. In contrast, fewer than half of completed homes in the West South Central division were two or more stories. In the East South Central 58% of homes were two or more stories.
The map below illustrates how two or more story homes account for the largest portion of completed homes in coastal divisions of the country, New England, Middle Atlantic, South Atlantic, and Pacific. The high share of two or more story completed homes in the Northeast, encompassing the New England and Middle Atlantic divisions, may partly reflect expensive lot values. Recent National Association of Home Builders analysis found that median lot values in the New England and Middle Atlantic divisions far surpasses lot values elsewhere in the country. At the same time higher density and land constraints may also have contributed to a higher proportion of two or more story homes across coastal divisions.
The Survey of Construction is a monthly and annual report released by the US Census Bureau that records valuable information related to the home building industry. This information includes variables such as start and completion dates, sales price, square footage and number of bedrooms. Survey of Construction data is used by the Department of Housing and Urban Development to evaluate housing programs as well as by the Federal Reserve Board to determine the state of the economy as a whole.
Nationwide, the majority of single-family homes completed in 2015 were two or more stories, 58%, the rest, 42%, were one story. The data show that the Northeast has the largest proportion of completed two or more story single-family homes. The distributions between one story and two or more story completed homes are similar in the South and the West. In the South, 57% of completed single-family homes were two or more stories and 43% were one story while in the West, 59% of completed single-family homes were two or more stories and the rest, 41%, were one story. The Midwest was the only region of the country where the majority of single-family completed homes were one story.
In contrast to the nationwide distribution between one story and two or more story completed homes, arecent National Association of Home Builders report chronicling consumers’ housing preferences finds that most, 64% of all buyers, would prefer a single-story home, however it is important to point out that this result is driven primarily by older buyers that may be exhibiting a preference for single-story homes due to aging-in-place concerns. According to National Association of Home Builders' Housing Preferences of the Boomer Generation, 75% of boomers and 88% of seniors want one floor living, but fewer than half of millennials, 35%, and generation X’ers, 49%, prefer a one story home.
Looking deeper, the similarities between the West and the South mask differences between the Census divisions that compose each region. While overall, 59% of single-family completed homes in the West were two or more stories, 69% were two or more stories in the Pacific Division while fewer than half, 47% were two or more stories in the Mountain Division. Similarly, while 57% of single-family completed homes were two or more stories across the entire South region, 66% of completed homes in the South Atlantic were two or more stories. In contrast, fewer than half of completed homes in the West South Central division were two or more stories. In the East South Central 58% of homes were two or more stories.
The map below illustrates how two or more story homes account for the largest portion of completed homes in coastal divisions of the country, New England, Middle Atlantic, South Atlantic, and Pacific. The high share of two or more story completed homes in the Northeast, encompassing the New England and Middle Atlantic divisions, may partly reflect expensive lot values. Recent National Association of Home Builders analysis found that median lot values in the New England and Middle Atlantic divisions far surpasses lot values elsewhere in the country. At the same time higher density and land constraints may also have contributed to a higher proportion of two or more story homes across coastal divisions.
Wednesday, August 3, 2016
Lots in 2015 Smallest on Record
The median lot size of a new single-family detached home sold in 2015 dropped under 8,600 square feet for the first time since the Census Bureau’s Survey of Construction started tracking the series.
An acre is 43,560 square feet, so the current median lot size is just under one-fifth of an acre. Using a football field as a measuring stick, 5.6 median lots would fit between the goal lines of a football field in 2015.
As National Association of Home Builders economist Natalia Siniavskaia reports in a recent Eye on Housing blog post, although the nation’s lots are getting smaller on average, the regional differences in lot sizes persist.
Looking at single-family (attached and detached) spec homes started in 2015, the median lot size in New England exceeds half an acre. This is 2.6 times larger than the national median.
New England is known for strict local zoning regulations that often require very low densities. Therefore, it is not surprising that more than half of single-family spec homes started in New England are built on some of the largest lots in the nation, with more than half of the lots exceeding half an acre.
The East South Central Division is a distant second, with the median lot occupying less than one-third of an acre. The Pacific Division, where densities are high and developed land is scarce, has the smallest lots – half of them are under 0.15 acres. The neighboring Mountain and West South Central Divisions also report typical lots smaller than the national median, at 0.17 and 0.16 acres, respectively.
An acre is 43,560 square feet, so the current median lot size is just under one-fifth of an acre. Using a football field as a measuring stick, 5.6 median lots would fit between the goal lines of a football field in 2015.
As National Association of Home Builders economist Natalia Siniavskaia reports in a recent Eye on Housing blog post, although the nation’s lots are getting smaller on average, the regional differences in lot sizes persist.
Looking at single-family (attached and detached) spec homes started in 2015, the median lot size in New England exceeds half an acre. This is 2.6 times larger than the national median.
New England is known for strict local zoning regulations that often require very low densities. Therefore, it is not surprising that more than half of single-family spec homes started in New England are built on some of the largest lots in the nation, with more than half of the lots exceeding half an acre.
The East South Central Division is a distant second, with the median lot occupying less than one-third of an acre. The Pacific Division, where densities are high and developed land is scarce, has the smallest lots – half of them are under 0.15 acres. The neighboring Mountain and West South Central Divisions also report typical lots smaller than the national median, at 0.17 and 0.16 acres, respectively.
Tuesday, March 22, 2016
Single-Family Housing Starts Reach Highest Level Since November 2007
Nationwide housing starts rose 5.2% to a seasonally adjusted annual rate of 1.178 million units in February, according to newly released data from Housing and Urban Development and the Commerce Department. Single-family production increased 7.2% to 822,000 units, its highest level since November 2007, while multifamily starts edged up 0.8% to 356,000 units.
“This month’s report is consistent with positive builder sentiment and other economic indicators showing that the housing market continues to recover at a gradual pace,” said National Association of Home Builders Chairman Ed Brady.
“February’s single-family gains indicate that this sector is strengthening in line with our forecast,” said National Association of Home Builders Chief Economist David Crowe. “As the U.S. economy firms, job creation continues and mortgage interest rates remain low, we should see further growth in housing production moving forward.”
Combined single- and multifamily starts rose in three of the four regions in February, with the West, Midwest and South posting respective gains of 26.1%, 19.9% and 7.1%. The Northeast registered a 51.3% loss.
A decline in the volatile multifamily sector pushed overall permit issuance down 3.1% in February. Multifamily permits fell 8.4% to a rate of 436,000 while single-family permits ticked up 0.4% to 731,000.
Regionally, permits increased in the Northeast by 40.4 %. The Midwest, West and South registered respective permit losses of 11.4%, 7.2% and 4.4%.
“This month’s report is consistent with positive builder sentiment and other economic indicators showing that the housing market continues to recover at a gradual pace,” said National Association of Home Builders Chairman Ed Brady.
“February’s single-family gains indicate that this sector is strengthening in line with our forecast,” said National Association of Home Builders Chief Economist David Crowe. “As the U.S. economy firms, job creation continues and mortgage interest rates remain low, we should see further growth in housing production moving forward.”
Combined single- and multifamily starts rose in three of the four regions in February, with the West, Midwest and South posting respective gains of 26.1%, 19.9% and 7.1%. The Northeast registered a 51.3% loss.
A decline in the volatile multifamily sector pushed overall permit issuance down 3.1% in February. Multifamily permits fell 8.4% to a rate of 436,000 while single-family permits ticked up 0.4% to 731,000.
Regionally, permits increased in the Northeast by 40.4 %. The Midwest, West and South registered respective permit losses of 11.4%, 7.2% and 4.4%.
Friday, January 29, 2016
Increase in Sales of Existing and New Homes
Existing Home Sales
Existing home sales, as reported by the National Association of Realtors (NAR), surged 14.7% in December, including an increase in the first-time buyer share to 32%, the highest share since August. December sales snapped back from a November decline partially attributable to delays in closings from the rollout of the Know Before You Owe mortgage disclosure rule by the Consumer Financial Protection Bureau (CFPB). The new rule was designed to help consumers understand their loan options and avoid closing cost surprises. Total existing home sales in December increased to a seasonally adjusted rate of 5.46 million units combined for single-family homes, townhomes, condominiums and co-ops, up from 4.76 million units in November. December existing sales were up 7.7% from the same period a year ago.Existing sales increased in all regions, ranging from 8.7% in the Northeast to 23.2% in the West. Year-over-year, all regions increased, ranging from 4.6% in the South to 11.9% in the Northeast.
Total housing inventory decreased by 12.3% in December, and is 3.8% lower than its level a year ago. At the current sales rate, the December unsold inventory represents a 3.9-month supply, down from a 5.1-month supply in November. Some 32% of homes sold in December were on the market for less than a month.
Distressed sales are defined as foreclosures and short sales sold at deep discounts. The distressed sales share decreased to 8% in December from 9% in November. The December all-cash sales share decreased to 24% from 27% in November and 26% in December 2014. Individual investors purchased a 15% share in December, down from 16% in November and 17% a year ago.
The December median sales price of $224,100 was 7.6% above last December, and represents the 46th consecutive month of year-over-year increase. The median condominium/co-op price of $209,900 in December was up 4.9% from last December.
Although the Pending Home Sales Index fell slightly in November, the sharp volatility in November and December sales was a function of implementing a new regulation. Builder sentiment remains strong, and the tight inventory of existing homes bodes well for new single-family sales in 2016.
“This is a really good indicator that the real estate market
is returning to normal levels. When existing home sales rise it stimulates
sales of new homes, and it stimulates remodeling activity," said Home Builders Association of Greenville President Joe Hoover, APB, of Hoover Custom Homes.
New Home Sales
Sales of newly built, single-family homes rose 14.5% to 501,000 units in 2015: the highest level since 2007, according to newly released data from the Department of Housing and Urban Development and the U.S. Census Bureau. Meanwhile, sales in December increased 10.8% to a seasonally adjusted annual rate of 544,000 from an upwardly revised November reading.“The December sales report is a great end to a very strong year,” said National Association of Home Builders Chairman Ed Brady. “As we move forward in 2016, we should see the housing market continue to make lasting gains.”
“Relatively low interest rates and an improving economy are motivating buyers to make a new-home purchase,” said National Association of Home Builders Chief Economist David Crowe. “Builders are upping their inventory in response to heightened consumer interest. Housing inventory is now at its highest level since October 2009.”
Sales increased in all four regions in December. The Midwest, West, Northeast and South all posted respective gains of 31.6%, 21%, 20.85% and 0.4%.
The inventory of new homes for sale was 237,000 units in December, a 5.2-month supply at the current sales pace.
Combining the reports of increasing sales of existing and new homes points to an overall increase in the housing market. Considering recent history, those in the building industry should always be cautious, but these reports point to a strengthening economy.
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Thursday, May 8, 2014
Economic Index Shows Metro Markets Continuing on Path to Normalcy
Greenville Holds Steady at 88 Percent of Normal, Spartanburg is at 85 percent
Of the 351 metro markets measured, 300 have seen year-over-year economic gains, according to the National Association of Home Builders/First American Leading Markets Index (LMI), released today. The index shows that 59 metros have fully returned to or even exceeded their last normal levels of economic and housing activity.
The nationwide economic score rose slightly to .88 from a revised April reading of .87. This means that based on current permit, price and employment data, the nationwide average is running at 88 percent of normal economic and housing activity. The index showed an overall reading of .82 a year ago.
In Greenville, permits are at 54 percent of normal, jobs are at 93 percent of normal, and housing prices are at 116 percent of normal. "This data indicates that Greenville, like many markets in the country, has an insufficient supply of new housing to meet demand," Mike Freeman, GMB, President of the Home Builders Association of Greenville, said. Greenville was at its lowest, in relation to normal, in the fourth quarter of 2011 at 78 percent. Greenville peaked at 111 percent of normal in the third and fourth quarter of 2006.
Spartanburg, which is a separate market in the study, is at 85 percent of normal. Permits in Spartanburg are at 54 percent, jobs are at 96 percent, and housing prices are at 105 percent. Spartanburg peaked higher than Greenville, at 115 percent of normal, also in 2006. Spartanburg also dropped further than Greenville, to 73 percent of normal, where it remained for most of 2011. Spartanburg has been a "most improved" market, rising rapidly over the last year.
“We have always said this recovery would be a slow but steady one, and I think this index continues to prove this,” said NAHB Chief Economist David Crowe. “The year started a bit slower than anyone could have anticipated but we still expect housing to play a greater role in aiding the overall economic recovery this year. The job market continues to mend and that should spur a steady release of pent up demand among home buyers.”
Keeping its top position of major metros on the LMI was Baton Rouge, La. with a score of 1.41 – or 41 percent better than its last normal market level. Other major metros whose LMI scores indicate that their market activity now exceeds previous norms include Honolulu, Oklahoma City, Austin and Houston, Texas, as well as Los Angeles and San Jose, Calif. and Harrisburg, Pa.
“Our builder members tell us they are starting to see more optimism in the field,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del. “Mortgage rates are low, home prices are affordable and with the harsh winter behind us our latest surveys show builders are feeling more bullish about future sales conditions.”
“We keep waiting for the economy to get into a higher gear,” said Kurt Pfotenhauer, vice chairman of First American Title Insurance Co., which co-sponsors the LMI report. “This report, along with other recent economic news, may mean we are finally there.” Smaller metros experiencing an energy boom continue to lead the recovery. Odessa and Midland, Texas boast LMI scores of 2.0 or better, with their markets now at double their strength prior to the recession. Also at the top of the list of smaller metros are Bismarck, N.D.; Casper, Wyo.; and Grand Forks, N.D., respectively.
The LMI shifts the focus from identifying markets that have recently begun to recover, which was the aim of a previous gauge known as the Improving Markets Index, to identifying those areas that are now approaching and exceeding their previous normal levels of economic and housing activity. More than 350 metro areas are scored by taking their average permit, price and employment levels for the past 12 months and dividing each by their annual average over the last period of normal growth. For single-family permits and home prices, 2000-2003 is used as the last normal period, and for employment, 2007 is the base comparison. The three components are then averaged to provide an overall score for each market; a national score is calculated based on national measures of the three metrics. An index value above one indicates that a market has advanced beyond its previous normal level of economic activity.
Thursday, August 29, 2013
GSA Business: Commerce Department says SC economy is slowing
The S.C. Department of Commerce reports that the state's economy is slowing. The department's SC Leading Index dropped in July for the second consecutive month to 100.75 from 100.99. The index fell .12 in June.
According to the department, an index of 100 forecasts improving conditions.
Read the full report at GSA Business by clicking here.
According to the department, an index of 100 forecasts improving conditions.
Read the full report at GSA Business by clicking here.
NAHB Construction Forecast is October 2
NAHB's semi-annual Construction Forecast Conference is just a month away. Details are:
Below is a sampling of Dr. Crowe's recent projections:
For the Greenville MSA, housing starts history and projects:
(000s) 2012 2013 2014
Total 2.4 2.9 3.4
SF 2.2 2.7 3.2
MF 0.2 0.2 0.2
Dr. Crowe will update his projections for the conference on October 2.
In addition, Dr. Crowe provided the following analysis at the NAHB Legislative Conference in June in Washington DC:
- Wednesday, October 2, 2013
- 2 p.m. until 4 p.m.
- View webinar for $29.95 at your own office by clicking here or
- Watch it free at the HBA Office by clicking here
Below is a sampling of Dr. Crowe's recent projections:
For the Greenville MSA, housing starts history and projects:
(000s) 2012 2013 2014
Total 2.4 2.9 3.4
SF 2.2 2.7 3.2
MF 0.2 0.2 0.2
Dr. Crowe will update his projections for the conference on October 2.
In addition, Dr. Crowe provided the following analysis at the NAHB Legislative Conference in June in Washington DC:
- Since the fourth quarter of 2011, housing has led the economic recovery and Crowe notes that housing really needs other sectors of the economy to begin recovering in order for a full recovery to take hold.
- For the last two quarters housing employment is growing faster than other industry sectors.
- Multi-family and remodeler confidence now exceeds 50, but single family remains below 50 and suffers from momentum issues caused by credit, labor, and land availability. (Note that SF confidence is now at 58.)
- Remodeling activity is being held back by slow resales. Resales have slowed because of lack of inventory, which has helped put upward pressure on new home starts. However, remodeling is closely tied to resales, so remodeling is going to continue to experience slow growth, but growth none-the-less.
- Since the downturn, renters have outpaced owners in terms of household formation. In fact many households have converted from owning to renting. However, Crowe did state that the industry is getting close to answering pent up demand for multifamily. He suggested that current levels of construction will answer demand for multifamily and much more growth in volume will result in over building.
- Single family still lags behind and is below 50 percent of normal, nationally. He stated that headwinds (credit, land, and labor availability) plus damage to the industry from the recession (lack of a supply chain, labor) will continue to hold single family back for a while. In addition, buyers are still measured in their desire to jump back into homeownership or a move up.
- Check the slide on Buyer Credit Squeeze. Anyone who tells you that credit standards have not increased is not looking at the data.
- Crowe stated that labor availability seems to be a bigger problem for production builders than other builders and remodelers.
- Materials prices have returned to pre-recession levels.
Thursday, July 25, 2013
Quarterly Economic Report
The report is presented by Joseph Von Nessen, PhD., CMP, Director of the Real Estate Center at the University of South Carolina Moore School of Business.
The key findings in this quarter are the weakening of employment, which was stronger in 2012 than 2013, largely the result of the Federal Government Sequester and the increase in the Federal Payroll Tax. The report also found that intense competition, particularly in Greenville, has resulted in more than 70 percent of new homes have been built by the top 10 builders.
Tuesday, July 23, 2013
Be glad you don't live in Greece
While the US economy is not great, be grateful you don't live in Greece. Unemployment there is 27.4 percent, youth unemployment is a staggering 58 percent and car registrations are down 80 percent. This is because GDP is in its fifth straight year of decline and by the end of 2013, will be back where it was in 2006, a decline of roughly 26 percent! By comparison, peak-to-trough US GDP declined by only 5 percent.
Elliot F. Eisenberg, Ph.D.
GraphsandLaughs, LLC
Monday, February 25, 2013
NAHB: Top 12 Accomplishments, Number 8: Immigrant Housing Demand Model
Builder Review Daily is highlighting the top 12 actions taken on behalf of Home Builders so far this Spring.
Accomplishment number 8: Development of a Model that Predicts Housing Demand From New Immigrants (and Other Important Economic Studies)
NAHB has developed a model that takes into account the age of newly arriving immigrants, region of origin and length of stay in the United States. The model then assigns probabilities of becoming a head of household, purchasing a home and moving into single-family or multifamily property based on immigrants' characteristics. An analysis facilitated by this model reveals that new immigrants can conservatively be expected to occupy more than 2 million multifamily units and 1.2 million single-family homes over the next 10 years, with more than 900,000 of these new immigrants becoming home owners.
Findings of this analysis are detailed in the NAHB study "Immigrants and Housing Demand," which is available free of charge from our HousingEconomics.com website and includes estimates of the rates at which immigrants form households, move into multi- or single-family housing units, and choose to buy or rent their residences.
NAHB's model predicts that, upon their arrival to the U.S., more than three quarters of new immigrants will choose multifamily units and other housing arrangements, while only 24% will immediately move into single-family attached or detached units. However, by the time these families have been in the U.S. for 10 years or more, close to 50% of them will have moved into single-family homes. And for European- and Asian-born households, the share of expected single-family dwellers after 10 years is even greater. Read more about what NAHB's model projects in terms of immigrant-based U.S. housing demand over the next decade by downloading a free copy of our latest study from HousingEconomics.com. Contact Natalia Siniavskaia at 800-368-5242 x8441.
Note: NAHB’s economics team constantly produces fresh, useful analysis of the most recent housing-related data that has applications to our members’ businesses, and makes that data available to our members free of charge. This is in addition to the department’s regular production of important indexes that gauge the health of the housing industry – theNAHB/Wells Fargo Housing Market Index on builder confidence, the NAHB/First American Improving Markets Index, theNAHB/Wells Fargo Housing Opportunity Index, the Remodeling Market Index, the Multifamily Market Indices and the 50+ Housing Market Index. The surveys and analysis that NAHB’s economists conduct on a monthly and quarterly basis help our members achieve a better understanding of current market trends and where they are headed, while our media outreach in this regard ensures that accurate information on the housing market is transmitted to potential home buyers and the public at large. NAHB uses this data to conduct extensive media outreach in which we educate reporters about the historical context in which numbers should be viewed, discourage sensationalized accounts and ensure that home builders’ views are represented. NAHB also assists our members in dealing with media inquiries regarding recent releases of both NAHB and government data.
Accomplishment number 8: Development of a Model that Predicts Housing Demand From New Immigrants (and Other Important Economic Studies)
NAHB has developed a model that takes into account the age of newly arriving immigrants, region of origin and length of stay in the United States. The model then assigns probabilities of becoming a head of household, purchasing a home and moving into single-family or multifamily property based on immigrants' characteristics. An analysis facilitated by this model reveals that new immigrants can conservatively be expected to occupy more than 2 million multifamily units and 1.2 million single-family homes over the next 10 years, with more than 900,000 of these new immigrants becoming home owners.
Findings of this analysis are detailed in the NAHB study "Immigrants and Housing Demand," which is available free of charge from our HousingEconomics.com website and includes estimates of the rates at which immigrants form households, move into multi- or single-family housing units, and choose to buy or rent their residences.
NAHB's model predicts that, upon their arrival to the U.S., more than three quarters of new immigrants will choose multifamily units and other housing arrangements, while only 24% will immediately move into single-family attached or detached units. However, by the time these families have been in the U.S. for 10 years or more, close to 50% of them will have moved into single-family homes. And for European- and Asian-born households, the share of expected single-family dwellers after 10 years is even greater. Read more about what NAHB's model projects in terms of immigrant-based U.S. housing demand over the next decade by downloading a free copy of our latest study from HousingEconomics.com. Contact Natalia Siniavskaia at 800-368-5242 x8441.
Note: NAHB’s economics team constantly produces fresh, useful analysis of the most recent housing-related data that has applications to our members’ businesses, and makes that data available to our members free of charge. This is in addition to the department’s regular production of important indexes that gauge the health of the housing industry – theNAHB/Wells Fargo Housing Market Index on builder confidence, the NAHB/First American Improving Markets Index, theNAHB/Wells Fargo Housing Opportunity Index, the Remodeling Market Index, the Multifamily Market Indices and the 50+ Housing Market Index. The surveys and analysis that NAHB’s economists conduct on a monthly and quarterly basis help our members achieve a better understanding of current market trends and where they are headed, while our media outreach in this regard ensures that accurate information on the housing market is transmitted to potential home buyers and the public at large. NAHB uses this data to conduct extensive media outreach in which we educate reporters about the historical context in which numbers should be viewed, discourage sensationalized accounts and ensure that home builders’ views are represented. NAHB also assists our members in dealing with media inquiries regarding recent releases of both NAHB and government data.
Friday, February 22, 2013
NAHB: Top 12 Accomplishments, Number 7: Member Ecoomic Toolkit
Builder Review Daily is highlighting the top 12 actions taken on behalf of Home Builders so far this Spring.
Accomplishment number 7: Providing Specialized Resource Toolkits to Help NAHB Members Position Their Businesses for the Economic Recovery
As directed by Chairman Barry Rutenberg earlier this year, NAHB has compiled a series of resources designed to help our members position their businesses to succeed and thrive as the economic situation improves. From guidance on improving how you build and sell homes, to general business management tactics, to briefings on specific issues such as appraisals, AD&C lending and more, the Rebounding Success Toolkits bring together the expertise of the NAHB federation in one comprehensive online resource.
Here's what's available to you with a click of your mouse:
Land Use 101 Toolkit - This toolkit helps members of the building industry to understand and deal with new federal programs under the Sustainable Communities Initiative and other land use issues. It provides tools to help HBAs and members get involved early in such reform efforts to ensure that their perspectives and experience are represented and that proposed new policies are based on evidence, not just theory.
Building Homes 101 Toolkit - This toolkit contains valuable information to help builders respond to the adverse shift in terms and availability of construction financing, access and evaluate various building products, avoid common pitfalls of certain building techniques, and take advantage of new green building options to appeal to today's buyers.
Selling Homes 101 Toolkit - This toolkit provides tips and tactics to successfully market yourself and your homes, including important information on obtaining more accurate appraisals, ways to educate consumers on the benefits of homeownership, and more.
Business Management 101 Toolkit - This toolkit provides important resources to help you manage your business more effectively and increase your profits. Its offerings cover strategic planning, financial management, marketing and sales, construction management, information technology and more.
Accomplishment number 7: Providing Specialized Resource Toolkits to Help NAHB Members Position Their Businesses for the Economic Recovery
As directed by Chairman Barry Rutenberg earlier this year, NAHB has compiled a series of resources designed to help our members position their businesses to succeed and thrive as the economic situation improves. From guidance on improving how you build and sell homes, to general business management tactics, to briefings on specific issues such as appraisals, AD&C lending and more, the Rebounding Success Toolkits bring together the expertise of the NAHB federation in one comprehensive online resource.
Here's what's available to you with a click of your mouse:
Land Use 101 Toolkit - This toolkit helps members of the building industry to understand and deal with new federal programs under the Sustainable Communities Initiative and other land use issues. It provides tools to help HBAs and members get involved early in such reform efforts to ensure that their perspectives and experience are represented and that proposed new policies are based on evidence, not just theory.
Building Homes 101 Toolkit - This toolkit contains valuable information to help builders respond to the adverse shift in terms and availability of construction financing, access and evaluate various building products, avoid common pitfalls of certain building techniques, and take advantage of new green building options to appeal to today's buyers.
Selling Homes 101 Toolkit - This toolkit provides tips and tactics to successfully market yourself and your homes, including important information on obtaining more accurate appraisals, ways to educate consumers on the benefits of homeownership, and more.
Business Management 101 Toolkit - This toolkit provides important resources to help you manage your business more effectively and increase your profits. Its offerings cover strategic planning, financial management, marketing and sales, construction management, information technology and more.
Thursday, July 19, 2012
NAHB: Encouraging Signs for Housing as Gridlock Persists in Washington
As the housing industry slowly climbs back on the road to normal following the worst downturn since the Great Depression, NAHB is working to keep housing and homeownership a top national priority during an election season marked by political gridlock in Washington, according to participants in a July 12 NAHB webinar on the mid-year outlook for housing and the 2012 elections.
Part of NAHB’s broad strategy to highlight the importance of housing is to hold a series of homeownership rallies in key battleground states between now and the November elections. NAHB CEO Jerry Howard cited the success of a Rally for Homeownership held on July 11 in Tampa, Fla. (see bullet above) that was sponsored by NAHB, the Tampa Bay Builders Association and the Florida Home Builders Association.
“The rally drew more than 600 people, including concerned citizens, elected officials and business leaders, and highlighted the importance of homeownership,” said Howard.
The next Rally for Homeownership will take place in Detroit on July 20 and subsequent rallies will be held this fall in Kansas City, Mo.; Milwaukee, Wis.; Columbus, Ohio; Richmond, Va.; and Las Vegas.
Each rally location was selected because it is a battleground presidential state or a state with a key Senate race.
By conducting homeownership rallies in these strategic states, Howard said the goal is to ensure that presidential and congressional candidates on both sides of the political aisle understand the importance of housing and homeownership and to remind them that there can be no economic recovery without a housing recovery.
In addition, NAHB has been taking this message directly to the presidential candidates. Over the past few months, NAHB has met several times with the policy staff of President Obama and the Romney campaign.
Further, NAHB will have a significant presence at the both the Democratic and Republican conventions later this summer.
Political “Silly Season”
As NAHB works to keep housing in the forefront, NAHB Chief Lobbyist Jim Tobin said there is a very polarized environment on Capitol Hill, calling this the political “silly season.”
He acknowledged that little is expected to get done in Congress between now and the November elections, as lawmakers will go on break for the summer recess in three weeks, which will be extended longer this year due to the political conventions. When Congress resumes in mid-September, the chamber is expected to adjourn in early October to focus on the elections.
Meanwhile, NAHB continues to work with lawmakers in both chambers to end the dearth of credit for the construction of new homes.
Tobin noted that H.R. 1755 in the House has more than 100 co-sponsors and Senate companion bill S. 2078 now has four co-sponsors.
“We are currently waiting to attach H.R. 1755 to a larger legislative vehicle to show regulators that there is no national housing market and that housing markets are local,” said Tobin. Many markets are on the mend, and builders need access to construction loans to meet demand and to help local economies grow, he added.
Among other legislative priorities for NAHB:
A Busy “Lame Duck” Session
With Congress essentially deadlocked through the Nov. 6 elections, Tobin said that the post-election “lame duck” session will be the most “jam-packed we have seen in a long time.”
In a relatively short time frame following the November elections and before the new Congress is sworn in, lawmakers are expected to grapple with several major issues. These include extending the 2001/2003 tax cuts, the mandatory spending cuts that were part of the sequestration process as a result of last year’s debt ceiling deal, and the need to once again raise the debt ceiling in order to allow the U.S. government to continue to pay its bills without the risk of default.
NAHB will be urging lawmakers to extend the 2001/2003 tax cuts for all taxpayers and to avoid any spending cuts required through last year’s sequestration deal that would harm housing. Sequestration requires lawmakers to come up with $109 billion in spending cuts divided evenly between defense and discretionary spending programs in 2013.
Both Howard and Tobin said the race for the White House is too close to call and, while far from a certainty, they believe the House will stay in Republican control and the Democrats will maintain power in the Senate.
“No matter which candidate wins, or which party is in power in the House and Senate, NAHB has a long history of working in a bipartisan manner to push housing issues forward,” said Tobin.
Slow but Steady Growth
On the economic front, NAHB Chief Economist David Crowe expects that gross domestic product will rise 2% this year and 2.5% in 2013, which should lay the groundwork for improving housing markets.
One of the reasons why there is a slow housing recovery is “because we are not adding many jobs,” said Crowe.
He noted that for the first time in recent memory, there has been better news on the housing front than the overall economic front.
Since last September, housing permits, total housing starts, single-family housing production and new-home sales have all been rising.
“The Federal Housing Finance Agency home price index has had some gradual increase for some time,” Crowe added, “and Case-Shiller, which has been the most negative of all home price indexes, has begun to show some increase.”
Meanwhile the NAHB/Wells Fargo Housing Market Index, which measures builder confidence in the single-family market, has doubled since September and NAHB’s First American Improving Markets Index has gone from 12 in September to 84 in July.
“Eighty-four markets are over 20% of all marketplaces,” said Crowe. “This recovery is happening, it’s just happening in different places and tends to be occurring in smaller markets.”
Tight mortgage lending restrictions continue to hamper the single-family market, Crowe added. He noted that for most mortgages that are closing today, buyers have an average FICO score of 760, versus a score of 710 for loans closed earlier in the decade.
“Today, buyers with FICO scores of 730 are denied home loans,” Crowe said.
Single-family home starts are projected to climb to 519,000 units this year, up nearly 20% from 2011. NAHB is forecasting single-family housing starts will post a healthy 28.7% gain in 2013 to 668,000 units.
Multifamily production is expected to rise 25.9% in 2012, reaching the 224,000-unit level and post a more modest 6.1% gain in 2013, increasing to 238,000 units.
Residential remodeling of owner-occupied properties is operating at a healthy clip and is now back to where it was before the housing downturn, Crowe added.
A full replay of the webinar is available here.
Part of NAHB’s broad strategy to highlight the importance of housing is to hold a series of homeownership rallies in key battleground states between now and the November elections. NAHB CEO Jerry Howard cited the success of a Rally for Homeownership held on July 11 in Tampa, Fla. (see bullet above) that was sponsored by NAHB, the Tampa Bay Builders Association and the Florida Home Builders Association.
“The rally drew more than 600 people, including concerned citizens, elected officials and business leaders, and highlighted the importance of homeownership,” said Howard.
The next Rally for Homeownership will take place in Detroit on July 20 and subsequent rallies will be held this fall in Kansas City, Mo.; Milwaukee, Wis.; Columbus, Ohio; Richmond, Va.; and Las Vegas.
Each rally location was selected because it is a battleground presidential state or a state with a key Senate race.
By conducting homeownership rallies in these strategic states, Howard said the goal is to ensure that presidential and congressional candidates on both sides of the political aisle understand the importance of housing and homeownership and to remind them that there can be no economic recovery without a housing recovery.
In addition, NAHB has been taking this message directly to the presidential candidates. Over the past few months, NAHB has met several times with the policy staff of President Obama and the Romney campaign.
Further, NAHB will have a significant presence at the both the Democratic and Republican conventions later this summer.
Political “Silly Season”
As NAHB works to keep housing in the forefront, NAHB Chief Lobbyist Jim Tobin said there is a very polarized environment on Capitol Hill, calling this the political “silly season.”
He acknowledged that little is expected to get done in Congress between now and the November elections, as lawmakers will go on break for the summer recess in three weeks, which will be extended longer this year due to the political conventions. When Congress resumes in mid-September, the chamber is expected to adjourn in early October to focus on the elections.
Meanwhile, NAHB continues to work with lawmakers in both chambers to end the dearth of credit for the construction of new homes.
Tobin noted that H.R. 1755 in the House has more than 100 co-sponsors and Senate companion bill S. 2078 now has four co-sponsors.
“We are currently waiting to attach H.R. 1755 to a larger legislative vehicle to show regulators that there is no national housing market and that housing markets are local,” said Tobin. Many markets are on the mend, and builders need access to construction loans to meet demand and to help local economies grow, he added.
Among other legislative priorities for NAHB:
- Housing finance reform. NAHB earlier this year unveiled a white paper that provides a comprehensive framework for housing finance reform. Tobin said the plan -- which seeks to overhaul the housing finance system to ensure that housing credit is available and affordable in the future and is delivered through a competitive, efficient, safe and stable system – has received positive feedback across the political spectrum.
- Tax reform. While NAHB expects Congress to tackle this issue next year, the association has been busy developing excellent economic research detailing the importance of housing tax incentives, including the mortgage interest deduction and the Low Income Housing Tax Credit.
- Regulatory oversight. NAHB continues to work with regulatory oversight agencies to reduce the costly and burdensome regulations that are hampering the housing recovery. In addition, NAHB is urging lawmakers to co-sponsor House bill H.R. 5911 and Senate bill S. 2148, legislation that would make much-needed improvements to the EPA’s Lead: Repair, Renovation and Painting Rule. The legislation would help home owners and remodelers to better comply with the costly work practices and record keeping requirements of the rule without compromising safety standards.
- Other critical issues. These include reforming the home appraisal system, removing the 20% downpayment requirement from the qualified residential mortgage, determining the definition of the new qualified mortgage rule as required under the Dodd-Frank legislation, finding innovative ways to get foreclosed homes off the market and improving housing to stimulate job growth and the economy.
A Busy “Lame Duck” Session
With Congress essentially deadlocked through the Nov. 6 elections, Tobin said that the post-election “lame duck” session will be the most “jam-packed we have seen in a long time.”
In a relatively short time frame following the November elections and before the new Congress is sworn in, lawmakers are expected to grapple with several major issues. These include extending the 2001/2003 tax cuts, the mandatory spending cuts that were part of the sequestration process as a result of last year’s debt ceiling deal, and the need to once again raise the debt ceiling in order to allow the U.S. government to continue to pay its bills without the risk of default.
NAHB will be urging lawmakers to extend the 2001/2003 tax cuts for all taxpayers and to avoid any spending cuts required through last year’s sequestration deal that would harm housing. Sequestration requires lawmakers to come up with $109 billion in spending cuts divided evenly between defense and discretionary spending programs in 2013.
Both Howard and Tobin said the race for the White House is too close to call and, while far from a certainty, they believe the House will stay in Republican control and the Democrats will maintain power in the Senate.
“No matter which candidate wins, or which party is in power in the House and Senate, NAHB has a long history of working in a bipartisan manner to push housing issues forward,” said Tobin.
Slow but Steady Growth
On the economic front, NAHB Chief Economist David Crowe expects that gross domestic product will rise 2% this year and 2.5% in 2013, which should lay the groundwork for improving housing markets.
One of the reasons why there is a slow housing recovery is “because we are not adding many jobs,” said Crowe.
He noted that for the first time in recent memory, there has been better news on the housing front than the overall economic front.
Since last September, housing permits, total housing starts, single-family housing production and new-home sales have all been rising.
“The Federal Housing Finance Agency home price index has had some gradual increase for some time,” Crowe added, “and Case-Shiller, which has been the most negative of all home price indexes, has begun to show some increase.”
Meanwhile the NAHB/Wells Fargo Housing Market Index, which measures builder confidence in the single-family market, has doubled since September and NAHB’s First American Improving Markets Index has gone from 12 in September to 84 in July.
“Eighty-four markets are over 20% of all marketplaces,” said Crowe. “This recovery is happening, it’s just happening in different places and tends to be occurring in smaller markets.”
Tight mortgage lending restrictions continue to hamper the single-family market, Crowe added. He noted that for most mortgages that are closing today, buyers have an average FICO score of 760, versus a score of 710 for loans closed earlier in the decade.
“Today, buyers with FICO scores of 730 are denied home loans,” Crowe said.
Single-family home starts are projected to climb to 519,000 units this year, up nearly 20% from 2011. NAHB is forecasting single-family housing starts will post a healthy 28.7% gain in 2013 to 668,000 units.
Multifamily production is expected to rise 25.9% in 2012, reaching the 224,000-unit level and post a more modest 6.1% gain in 2013, increasing to 238,000 units.
Residential remodeling of owner-occupied properties is operating at a healthy clip and is now back to where it was before the housing downturn, Crowe added.
A full replay of the webinar is available here.
Tuesday, April 24, 2012
1BOG: Five Strange Signs the Economy is Improving
We found this blog post funny, and very true.
From "One Block Off The Grid" (1BOG): 5 strange signs the economy is improving:
From "One Block Off The Grid" (1BOG): 5 strange signs the economy is improving:
- Men are buying new underwear
- RV shipments are on the rise
- More couples are splitting up
- Face lifts are seeing a lift
- Homeowners are installing solar panels
Thursday, April 5, 2012
Elliott Eisenberg on Monetary Supply
Elliott Eisenberg, PhD., a housing economist who also works for NAHB, is publishing a daily blog on economics: GraphsandLaughs.net. Check out Elliott's latest post:
Despite what you think, monetary policy has not been expansionary, and that's the problem. While the Fed's assets grew from $0.8 trillion to $2.8 trillion between 10/08 and 7/11, it was matched, almost dollar for dollar, by a $1.6 trillion increase in commercial bank deposits at the Fed. The money supply cannot expand when banks keep their excess reserves at the Fed. It only grows when banks lend those monies to businesses and households.Visit Elliott's blog, GraphsandLaughs.net, by clicking here.
Monday, December 5, 2011
New HBA Member Service: Quarterly Economic Report
The report is presented by Joseph VonNesson, PhD., CMP, Director of the Real Estate Center at the University of South Carolina Moore School of Business.
A key finding in this quarter's report is the relatively low component of new construction to existing construction in total home sales. At present, just 17 percent of total housing sales are new construction in Greenville, compared to 25 percent or more in other markets in South Carolina.
Watch the full Upstate Third Quarter 2011 Economic Report at HBAofGreenville.com by clicking here.
Thursday, December 1, 2011
Clemson's Bruce Yandle: "no meaningful recovery in state unemployment until construction revives"
In his monthly economic digest, Clemson University Economist Bruce Yandle analyzes unemployment statistics for South Carolina and the nation. His analysis points to the fall off of employment in the state since 2008 of 78,000 jobs, resulting in a statewide unemployment rate of 10.5 percent. He also analyzes unemployment in the construction sector, where employment fell 50,000 jobs from the peak.
"As can be seen, there is no recovery in that sector (construction). We can also see a net loss of 50,000 jobs from peak to present. Put another way, 50,000 of the 78,000 jobs lost in the state since the onset of the 2008-09 recession can be accounted for by construction losses. This suggests there will be no meaningful recovery in state employment until construction revives. The growth needed from other sectors to offset construction are just too large."
You can read Yandle's December 2011 Digest at Clemson.edu by clicking here.
"As can be seen, there is no recovery in that sector (construction). We can also see a net loss of 50,000 jobs from peak to present. Put another way, 50,000 of the 78,000 jobs lost in the state since the onset of the 2008-09 recession can be accounted for by construction losses. This suggests there will be no meaningful recovery in state employment until construction revives. The growth needed from other sectors to offset construction are just too large."
You can read Yandle's December 2011 Digest at Clemson.edu by clicking here.
Wednesday, September 28, 2011
Multi-family housing market continues to strengthen
While single-family housing production remains relatively weak, multi-family housing continues to strengthen across the country. Future home buyers continue to sit on the sideline and instead have opted for renting or have purchased town homes and other non-traditional housing.
NAHB’s multifamily production index (MPI) rose for a fourth consecutive quarter in the second quarter of 2011 to 44.4. It is the highest quarterly reading since 2006, and continues the trend of generally improving conditions in the market for new multifamily housing that has emerged since the MPI dropped to a record low of 16.0 in the third quarter of 2008.
The index and all of its three components (construction of low-rent units, construction of market-rate-rent units, and construction of “for sale” units) are scaled so that any number over 50 indicates that more respondents report conditions are improving than report conditions are getting worse. In the second quarter of 2011, a majority of developers saw improvements in the production of low-rent and market-rate units. Looking forward, most developers expect conditions to continue improving for these two segments of the market.
Meanwhile, the Multifamily Vacancy Index (MVI) increased slightly from 35.0 in the first quarter of 2011 to 36.1 in the second quarter. With the MVI, lower numbers indicate fewer vacancies. Results also show that multifamily developers and property owners expect vacancy rates to decline over the next six months.
NAHB’s multifamily production index (MPI) rose for a fourth consecutive quarter in the second quarter of 2011 to 44.4. It is the highest quarterly reading since 2006, and continues the trend of generally improving conditions in the market for new multifamily housing that has emerged since the MPI dropped to a record low of 16.0 in the third quarter of 2008.
The index and all of its three components (construction of low-rent units, construction of market-rate-rent units, and construction of “for sale” units) are scaled so that any number over 50 indicates that more respondents report conditions are improving than report conditions are getting worse. In the second quarter of 2011, a majority of developers saw improvements in the production of low-rent and market-rate units. Looking forward, most developers expect conditions to continue improving for these two segments of the market.
Meanwhile, the Multifamily Vacancy Index (MVI) increased slightly from 35.0 in the first quarter of 2011 to 36.1 in the second quarter. With the MVI, lower numbers indicate fewer vacancies. Results also show that multifamily developers and property owners expect vacancy rates to decline over the next six months.
Wednesday, September 14, 2011
NAHB: Where the second homes are located
A recent report by NAHB maps the percentage of second homes in the various areas of the country.
Less than five percent of its housing stock in Greenville County is second homes. In Pickens County, 5 to 10 percent of the housing stock is second homes. The highest percentage in the Upstate is in Oconee County, with 10 to 15 percent of its housing stock classified as second homes. The highest percentage in the state can be found in Horry and Georgetown counties, where second homes account for more than 35 percent of the housing stock.
Click here to read the entire report at Eye On Housing.
Less than five percent of its housing stock in Greenville County is second homes. In Pickens County, 5 to 10 percent of the housing stock is second homes. The highest percentage in the Upstate is in Oconee County, with 10 to 15 percent of its housing stock classified as second homes. The highest percentage in the state can be found in Horry and Georgetown counties, where second homes account for more than 35 percent of the housing stock.
Click here to read the entire report at Eye On Housing.
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