Canadians are spending record amounts on housing, putting themselves at much higher risk than before should home prices collapse or interest rates rise. Canada’s seasonally adjusted annual rate of residential investment, which includes home construction, significant renovations, and ownership transfer costs, hit $249.3 billion in the second quarter of 2021, with $67.9 billion spent during…
Apartment Building Construction Rises Sharply in August; Single-Family Housing Declines
Home construction saw a better-than-expected rebound in August after a contraction a month earlier, though the strength was all on the back of sharp gains in apartment building, while the single-family house sector saw declines. Housing starts in the United States rose 3.9 percent in August to a seasonally adjusted annual rate of 1.615 million…
Homebuilder Confidence Edges up After Recent Plunge to 13-Month Low
Homebuilder confidence inched up in September after falling to its lowest reading in 13 months in August, though optimism was capped by hiring difficulties and building material supply chain issues, according to the NAHB/Wells Fargo Housing Market Index (HMI). Sentiment among single-family homebuilders edged up by one point to a reading of 76 in September, according…
Newsom Signs Bills to Limit Single-Family Zoning in California
September 20, 2021
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California Gov. Gavin Newsom on Thursday approved two measures that seek to make it easier to build more housing in the nation’s most populous state. The first, Senate Bill 9, allows for the construction of more than one housing unit on land that was formerly designated for a single unit, without the approval of local…
US Housing Regulator Proposes Tweaks to Capital Rules for Fannie Mae, Freddie Mac
WASHINGTON—The regulator overseeing housing giants Fannie Mae and Freddie Mac proposed on Wednesday changes to recently imposed capital and leverage requirements on the pair. The proposed rule from the Federal Housing Finance Agency would encourage the pair to shift more risk from taxpayers to private investors, while allowing them to support the housing market, the…
Orange County Board of Supervisors Approves Plan to Help Afghan Refugees, Residents Share Concerns
The Orange County Board of Supervisors approved a three-year service plan for Afghan refugees entering the county as concerned residents discuss hesitancy at the Sept. 14 meeting. Krishna Murphy, an Orange County resident told the board immigrants are “highly valued members of society” but is concerned over who is being allowed in. “Responding to…
NTD Business Full Broadcast (Sept. 15)
Senate leaders — disagreeing on whether to raise the debt limit. What’s the significance? We have analysis. The housing market seems to be cooling off again. According to Redfin, competition for homes is decreasing. We hear from people in the industry. And Microsoft announcing its biggest ever stock buyback, but some regulators are also targeting…
Residential Construction Spending Rises in July, Boosted by Strong Single-Family Home Outlays
U.S. residential construction spending rose in July, though at a slower pace than in the prior month, as booming demand and rising prices continued to buoy the housing market. The Commerce Department said in a Sept. 1 report (pdf) that U.S. residential construction spending rose 0.5 percent in July, after advancing 0.8 percent in June….
Home Price Growth Surges to Record High: Case-Shiller Index
Two new reports released Tuesday show home prices continuing their skyward vault, with supply shortages and strong demand putting upwards pressure on prices. U.S. single-family home prices in 20 key urban markets rose 19.1 percent in June from a year earlier, marking the largest annual price increase in the 20-year history of the 20-city composite…
Controversial SB 10 Narrowly Passes State Assembly
IRVINE, Calif.—Senate Bill 10 (SB 10), introduced by Senator Scott Wiener (D-San Francisco), narrowly passed the state Assembly on Monday by a vote of 41-9, with only 41 votes necessary to send the bill to the state Senate for final approval before being sent to Gov. Gavin Newsom for consideration. Seven of nine Democrat representatives…
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