Dividing the number of persons moving to a state by those moving to and moving from the state gives the percentage of in migration. Using this method, Oregon is the most popular state with 61 percent of movers moving there while just 39 percent moved away. Rounding out the top five are South Carolina at 60 percent, North Carolina at 58 percent, and Washington DC and South Dakota both at 57 percent. New Jersey was last at 36 percent.
Source:
Elliot F. Eisenberg, Ph.D.
GraphsandLaughs, LLC
www.econ70.com
The Home Builders Association of Greenville are your neighbors and community leaders providing education and support for building industry professionals. We create jobs, encourage homeownership, and promote responsible growth throughout the upstate of South Carolina.
Tuesday, August 12, 2014
Monday, August 11, 2014
Housing Recovery Continues at Slow Pace According to Latest Leading Markets Index
Markets in 56 of the approximately 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity, according to the National Association of Home Builders/First American Leading Markets Index (LMI), released today. This represents a year-over-year net gain of seven markets.
The index’s nationwide score moved up slightly to .89, meaning that based on current permit, price and employment data, the nationwide average is running at 89 percent of normal economic and housing activity. Meanwhile, 78 percent of markets have shown an improvement year-over-year.
In The Upstate, Greenville is at 89, up from 86 at the beginning of the year. Continuing to hold back the Greenville market is permits, which remain at 57. House prices are at 117, largely a function of lack of supply caused by sluggish starts. Jobs are at 94 percent. Spartanburg is at 84, down slightly and also being held back by slow starts. Anderson is not longer tracked as a separate market and is included in the Greenville data.
“Things are gradually improving,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del. “As the job market grows, we expect to see a steady release of pent up demand of home buyers.”
Baton Rouge, La., continues to top the list of major metros on the LMI, with a score of 1.39 – or 39 percent better than its last normal market level. Other major metros leading the list include Honolulu; Oklahoma City; Houston and Austin, Texas. Rounding out the top 10 are Los Angeles; San Jose, Calif.; Salt Lake City; Des Moines; and New Orleans.
“With the national tally only reaching 43 percent of normal, single-family housing permits continue to be the lagging component of the index,” said NAHB Chief Economist David Crowe. “The big bright spot is employment, where the number of metro areas having reached or exceeded their norms grew from 26 to 46 in a year.”
“In the 22 metros where permits are at or above normal, the overall index indicates that these markets have fully recovered,” said Kurt Pfotenhauer, vice chairman of First American Title Insurance Co., which co-sponsors the LMI report. “This finding shows the impact that an uptick in permits can have on the overall health of markets.”
Looking at smaller metros, both Odessa and Midland, Texas, boast LMI scores of 2.0 or better, meaning their markets are now at double their strength prior to the recession. Also leading the list of smaller metros are Bismarck, N.D.; Grand Forks, N.D; and Casper, Wyo., 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.
Editor’s Note:
In calculating the LMI, NAHB utilizes employment data from the Bureau of Labor Statistics, house price appreciation data from Freddie Mac and single-family housing permits from the U.S. Census Bureau. The LMI is published quarterly on the fourth working day of the month, unless that day falls on a Friday -- in which case, it is released on the following Monday.
For historical information and charts, please go to nahb.org/lmi.
The index’s nationwide score moved up slightly to .89, meaning that based on current permit, price and employment data, the nationwide average is running at 89 percent of normal economic and housing activity. Meanwhile, 78 percent of markets have shown an improvement year-over-year.
In The Upstate, Greenville is at 89, up from 86 at the beginning of the year. Continuing to hold back the Greenville market is permits, which remain at 57. House prices are at 117, largely a function of lack of supply caused by sluggish starts. Jobs are at 94 percent. Spartanburg is at 84, down slightly and also being held back by slow starts. Anderson is not longer tracked as a separate market and is included in the Greenville data.
“Things are gradually improving,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del. “As the job market grows, we expect to see a steady release of pent up demand of home buyers.”
Baton Rouge, La., continues to top the list of major metros on the LMI, with a score of 1.39 – or 39 percent better than its last normal market level. Other major metros leading the list include Honolulu; Oklahoma City; Houston and Austin, Texas. Rounding out the top 10 are Los Angeles; San Jose, Calif.; Salt Lake City; Des Moines; and New Orleans.
“With the national tally only reaching 43 percent of normal, single-family housing permits continue to be the lagging component of the index,” said NAHB Chief Economist David Crowe. “The big bright spot is employment, where the number of metro areas having reached or exceeded their norms grew from 26 to 46 in a year.”
“In the 22 metros where permits are at or above normal, the overall index indicates that these markets have fully recovered,” said Kurt Pfotenhauer, vice chairman of First American Title Insurance Co., which co-sponsors the LMI report. “This finding shows the impact that an uptick in permits can have on the overall health of markets.”
Looking at smaller metros, both Odessa and Midland, Texas, boast LMI scores of 2.0 or better, meaning their markets are now at double their strength prior to the recession. Also leading the list of smaller metros are Bismarck, N.D.; Grand Forks, N.D; and Casper, Wyo., 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.
Editor’s Note:
In calculating the LMI, NAHB utilizes employment data from the Bureau of Labor Statistics, house price appreciation data from Freddie Mac and single-family housing permits from the U.S. Census Bureau. The LMI is published quarterly on the fourth working day of the month, unless that day falls on a Friday -- in which case, it is released on the following Monday.
For historical information and charts, please go to nahb.org/lmi.
NAHB Asks EPA to Pull Back on Clean Water Act Regs
NAHB and other organizations that advocate on behalf of building and development issues today asked the Environmental Protection Agency (EPA) to remove city stormwater and sewer systems, also known as MS4s, from the revised definition of “waters of the United States” under the federal Clean Water Act.
It’s one of many moves the association is taking to rein in the regulatory overreach proposed the expansion of the act, which EPA released in the spring.
The Coalition of Real Estate (CORE) Associations told EPA that MS4s should be categorically excluded from the definition of waters of the U.S. because, for one thing, waste treatment systems have always had to abide by different rules because they aren’t designed to carry clean water.
Excluding MS4s would also provide “regulatory clarity,” the comments said, “and prevent improper interpretations that municipal storm sewers and their components could somehow be deemed jurisdictional ‘tributaries’ or ‘adjacent waters.”
“EPA’s obligations to establish water quality standards, criteria, and [other requirements] would prove to be illogical and unworkable as applied to MS4s and the conveyances within these systems,” the CORE comments said.
In addition, these storm and sewer systems are operated by the cities and other jurisdictions where they are located, and the Clean Water Act (CWA) is not supposed to intrude on local rights and responsibilities.
“Excluding MS4s . . . furthers the CWA’s objectives to vest states (and localities) with the primary responsibilities to control water pollution within their borders,” the comments said.
Read the full text of the CORE comments here.
EPA has proposed a substantial expansion to its enforcement of the clean water act that has been characterized by many as a "land grab."
It’s one of many moves the association is taking to rein in the regulatory overreach proposed the expansion of the act, which EPA released in the spring.
The Coalition of Real Estate (CORE) Associations told EPA that MS4s should be categorically excluded from the definition of waters of the U.S. because, for one thing, waste treatment systems have always had to abide by different rules because they aren’t designed to carry clean water.
Excluding MS4s would also provide “regulatory clarity,” the comments said, “and prevent improper interpretations that municipal storm sewers and their components could somehow be deemed jurisdictional ‘tributaries’ or ‘adjacent waters.”
“EPA’s obligations to establish water quality standards, criteria, and [other requirements] would prove to be illogical and unworkable as applied to MS4s and the conveyances within these systems,” the CORE comments said.
In addition, these storm and sewer systems are operated by the cities and other jurisdictions where they are located, and the Clean Water Act (CWA) is not supposed to intrude on local rights and responsibilities.
“Excluding MS4s . . . furthers the CWA’s objectives to vest states (and localities) with the primary responsibilities to control water pollution within their borders,” the comments said.
Read the full text of the CORE comments here.
EPA has proposed a substantial expansion to its enforcement of the clean water act that has been characterized by many as a "land grab."
Friday, August 1, 2014
HBA Community Service Committee Helps Habitat Renovate a Home
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| HBA and Habitat for Humanity representatives visit the site of the latest renovation project |
HBA members contributing to the project include:
- Allcon Roofing
- ACA/ Freewood Contracting
- Hughes Supply
- Palmetto Exterminators
- Waldrop Heating and Air
Priced Out: How a $1,000 increase in the cost of a new home affects buyers
Did You Know...
A $1,000 increase in the price of a new home prices out 380 families from home ownership in the Upstate? According to the National Association of Home Builders, the average price of a new home in the Upstate is $277,468. The income needed to qualify for an average-priced new home is $67,900, almost $9,000 higher than the median household income of $58,200.
A $1,000 increase in the price of a new home prices out 380 families from home ownership in the Upstate? According to the National Association of Home Builders, the average price of a new home in the Upstate is $277,468. The income needed to qualify for an average-priced new home is $67,900, almost $9,000 higher than the median household income of $58,200.
Thursday, July 31, 2014
First-Time Home Buyers are a Force
Did You Know:
First-time home buyers are 49 percent of all home buyers in South Carolina? Our state's percentage peaked in 2009 at 56 percent (First-Time Home Buyer Tax Credit). The lowest years were 2001-2003, at 30 percent.
In comparison to other states, South Carolina has one of the lowest shares of first-time home buyers to all buyers. The states with the lowest share have more non-urban areas while the states with the highest share are more urbanized. Washington DC has the highest share of first-time home buyers at 68 percent. The states with the lowest share of first-time home buyers are Montana and South Dakota at 46 percent.
Read more at FHFA.gov.
First-time home buyers are 49 percent of all home buyers in South Carolina? Our state's percentage peaked in 2009 at 56 percent (First-Time Home Buyer Tax Credit). The lowest years were 2001-2003, at 30 percent.
In comparison to other states, South Carolina has one of the lowest shares of first-time home buyers to all buyers. The states with the lowest share have more non-urban areas while the states with the highest share are more urbanized. Washington DC has the highest share of first-time home buyers at 68 percent. The states with the lowest share of first-time home buyers are Montana and South Dakota at 46 percent.
Read more at FHFA.gov.
FHFA Index Shows Mortgage Interest Rates Continue to Decrease in June
Nationally, interest rates on mortgages decreased from May to June, according to an index of new mortgage contracts.
According to the Federal Housing Finance Agency (FHFA), the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was 4.08 percent for loans closed in late June. The index is calculated using FHFA's Monthly Interest Rate Survey. The contract rate on the composite of all mortgage loans was 4.09 percent in June, a decrease from 4.13 percent in May.
Interest rates are typically locked in 30-45 days before a loan is closed. Consequently, the June index reflects market rates from mid-to-late May. The effective interest rate was 4.24 percent in June, down 4 basis points from 4.28 percent in May. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
FHFA's interest rate survey shows the average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.34 in June, a decrease of 3 basis points. The average loan amount for all loans was $292,200 in June, up $9,600 from $282,600 in May.
FHFA will release June index values Thursday, August 28th, 2014.
According to the Federal Housing Finance Agency (FHFA), the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was 4.08 percent for loans closed in late June. The index is calculated using FHFA's Monthly Interest Rate Survey. The contract rate on the composite of all mortgage loans was 4.09 percent in June, a decrease from 4.13 percent in May.
Interest rates are typically locked in 30-45 days before a loan is closed. Consequently, the June index reflects market rates from mid-to-late May. The effective interest rate was 4.24 percent in June, down 4 basis points from 4.28 percent in May. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
FHFA's interest rate survey shows the average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.34 in June, a decrease of 3 basis points. The average loan amount for all loans was $292,200 in June, up $9,600 from $282,600 in May.
FHFA will release June index values Thursday, August 28th, 2014.
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