article thumbnail

The state of the homebuilding market

Housing Wire

With continued supply chain disruption, cost increases and fear of inflation , the market has felt tenuous at best. Our upcoming State of the Residential Construction Industry (SORCI) Report will reflect how builders have braced for impact: Despite the rate of new contracts slowing, margins didn’t decrease.

Marketing 458
article thumbnail

Latest S&P Global PMI results signal lingering inflation 

Housing Wire

An index score above 50 indicates business activity is expanding while a reading below 50 indicates it’s contracting. The decrease [in September] was … the slowest in the current three-month sequence of contraction,” S&P Global’s analysis of the results states. The composite output PMI index came in at 49.3

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Inside Zillow’s misadventures in iBuying

Housing Wire

18 press release that cited labor and supply chain constraints and said its home purchase program hit “operational capacity.” The company said it would complete purchases that are under contract but not closed, and will continue to work on reselling existing inventory. More will be known Nov.

article thumbnail

FHFA to increase GSE fourth-party oversight

Housing Wire

The Federal Housing Finance Agency (FHFA) will increase its oversight of fourth parties – companies that contract with firms doing business with Fannie Mae and Freddie Mac. For the FHFA, the pandemic “demonstrated the fragility of the supply chain and raised awareness of fourth-party risk,” the report said.

article thumbnail

Mortgage applications drop as rates spike

Housing Wire

and many other parts of the world against the potential for a slowdown in economic growth due to a renewed bout of supply-chain constraints.”. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $647,200) increased to 4.02% from 3.79%, with points decreasing to 0.37

article thumbnail

Despite lack of supply, existing home sales rise 6.7%

Housing Wire

Homes went under contract in just 19 days on average, down from 21 a year ago. ” While homebuilders are getting closer to delivering new homes , they remain stymied by ongoing global supply chain issues. Sales of homes priced above $1 million were up 39%. “While the 6.7

article thumbnail

Opinion: The “profitless boom” in residential construction

Housing Wire

Be cautious when signing fixed-price contracts. It’s taking some building companies to the breaking point after more than a year of supply shortages. But, there is light at the end of the tunnel, but it will take time for supply chains to recover. . Enter into contracts that are malleable to market prices.