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By Susanne Dwyer

Home builders’ confidence in the new single-family housing market is harkening back to 2005, rising to a reading of 71 in the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI)—the highest level in 12 years. Index readings of 50-plus indicate more builders identify the market as “good” than “poor.”

“Builders are buoyed by President Trump’s actions on regulatory reform, particularly his recent executive order to rescind or revise the waters of the U.S. rule that impacts permitting,” says Granger MacDonald, chairman of the NAHB.

The Index measure of sales expectations is up five points to 78, while the measure of current sales conditions is up seven points, also to 78. The measure of homebuyer traffic is up eight points to 54.

“While builders are clearly confident, we expect some moderation in the Index moving forward,” says Robert Dietz, chief economist of the NAHB. “Builders continue to face a number of challenges, including rising material prices, higher mortgage rates, and shortages of lots and labor.”

Source: National Association of Home Builders (NAHB)

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From:: Finance and Economy

By Susanne Dwyer

Housing starts cleared expectations in February, 3 percent above estimates to a rate of 1,288,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). Single-family starts increased 6.5 percent to 872,000. Starts for units in buildings with five units or more came in at 396,000.

“This month’s gain in single-family starts is consistent with rising builder confidence in the housing market,” said Granger MacDonald, chairman of the National Association of Home Builders (NAHB), in a statement. “We should see single-family production continue to grow throughout the year, tempered somewhat by supply-side constraints such as access to lots and labor.”

“The growth in the single-family arena is very encouraging, but may be partly attributable to unusually warm weather conditions throughout most of the country,” said Robert Dietz, chief economist of the NAHB.

Permits, however, fell—6.2 percent to 1,213,000. Single-family permits increased 3.1 percent to 832,000. Permits for units in buildings with five units or more came in at 334,000.

Completions totaled 1,114,000 in February, rising 5.4 percent. Single-family completions decreased 6.5 percent to 754,000. Completions for units in buildings with five units or more came in at 344,000.

“We should pay attention to the fact that permits were down in February,” writes Trulia Chief Economist Ralph McLaughlin. “Any downward movement should be of concern since monthly permit figures tend to be statistically significant.

“Despite the downward blip,” McLaughlin writes, “permits are the healthiest of these three indicators.”

Source: U.S. Census Bureau

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From:: Finance and Economy

In light of President Donald Trump’s budget proposal, House Financial Services Committee Majority Whip French Hill, R-Ark., went on record about his thoughts on the HUD budget. Included in his interview, Hill gives his thoughts on regulatory reform, echoing recent comments from the chairman of the House Financial Services Committee. …read more

From:: Real Estate Wire

Recently, the U.S. government began to give off indications that it might be switching sides in the landmark battle between the CFPB and PHH, signaling that the Trump administration would not be as supportive of the CFPB as the Obama administration had been. And Friday, that’s exactly what happened. Click the headline for the full story. …read more

From:: Real Estate Wire

By swheeler@housingwire.com Julián Castro served as secretary of the U.S. Department of Housing and Urban Development from 2014 to 2017 under former President Barack Obama. In an exclusive interview with HousingWire, Castro explains his concerns with the proposed $6.2 billion in budget cuts to HUD. In his words, “There’s no vision here. It’s almost like a cartoon cutout of an ideologue’s conception of the budget.” From homeless veterans to small towns, these are the areas he says will be the hardest hit. …read more

From:: Real Estate Wire

As its fellow government-sponsored enterprise did earlier in the week, Freddie Mac announced Friday that it is selling hundreds of millions of dollars in non-performing loans to a familiar series of private investors. Here are the details of Freddie Mac’s latest NPL sale.

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From:: Real Estate Wire

One of the few things that may be increasing faster than home prices is homeowner association fees, which increased at double the rate of the median home price from 2005 to 2015. In some of the most expensive markets, HOA fees can total over $500 per month, and take up more than 40% of monthly housing costs. Trulia’s new study shows markets that saw the highest increase. …read more

From:: Real Estate Wire