Remove 2022 Remove Construction Remove Development Remove Housing Market
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DataDigest: Construction costs easing for homebuilders

Housing Wire

New home construction exploded early in the pandemic as soaring home demand squeezed existing inventory nationwide, giving homebuilders a much bigger share of a shrinking pie. Index values for most construction inputs are down from 2022 but remain above pre-pandemic levels. Index values for December published last week.

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US housing market is now worth a record $52 trillion: Zillow

Housing Wire

After experiencing a temporary hiccup between July 2022 to January 2023, the U.S. housing market is back on track , stronger than ever, with a total estimated value of $52 trillion, according to a new analysis by Orphe Divounguy, a senior economist at Zillow Group. housing market has surged by more than $2.6

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Construction worker shortage has reached “crisis” levels

Housing Wire

To keep pace with current construction demand, and account for attrition, 740,000 new construction workers are needed each year for the next three years , a report by the Home Builders Institute contends. From 2022 through 2024, this total represents a need for an additional 2.2 million new hires for construction.

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New home sales dip 2.5% in June, but continue to be an outsized share of the housing market

Housing Wire

Census Bureau and the Department of Housing and Urban Development ( HUD ). On a year-over-year basis, however, new home sales were up 23.8%. “New home sales continue to be an outsized share of the housing market ,” Lisa Sturtevant, Bright MLS’ chief economist, said in a statement. compared to June 2022.

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Are mortgage rates about to fall?

Housing Wire

But since 2022, the spreads between them have gotten worse, meaning mortgage rates are abnormally higher than they should be. However, this year, even though the spreads are still historically bad, they’ve improved over last year, which is a plus for the housing market.

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LenderPulse Q4 2023 survey: Mortgage pros still see opportunities in the housing market

Housing Wire

Despite mass layoffs in the wake of the Federal Reserve’s fight against inflation, mortgage professionals still see opportunities in the market. Industry workers didn’t pull back on investing in professional development, with the majority (51%) spending money to reach potential clients. in events to garner business.

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Mike Fratantoni on MBA’s 2022 mortgage market forecast

Housing Wire

Nevertheless, while we view the trends described below as the most likely path for the economy and mortgage market in 2022, this news highlights the elevated level of uncertainty we’ve all been living with the past few years. A silver lining is that we are expecting both 2022 and 2023 to be record years for purchase originations.

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