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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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Job gains slow in June, but are probably still too hot to sway the Fed

Housing Wire

since March 2022. Manufacturing activity remains quite weak, while consumer spending has held up somewhat better, and new home construction and sales have picked up. Employment in the construction industry has increased by an average of 15,000 per month thus far this year, compared with an average of 22,000 per month in 2022.

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The labor market showed signs of modest cooling in July

Housing Wire

Job gains came in lower than both the 278,000 monthly average for the first half of 2023 and the 399,000 average of 2022. since March 2022. Employment in the construction industry continued to trend up in July, adding 19,000 jobs, especially in the residential construction space. In June, job openings eased back to 9.6

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How top LOs plan to beat the odds in 2023

Housing Wire

Krichmar, whose $100 million-plus origination volume in 2022 consisted of 77% purchase loans, expects LOs to be working longer hours to find referral partners, trying to close loans faster than the others and diversifying their mortgage product offerings to combat an industry that shrank by more than half this year.

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What to Expect Undertaking These 4 Common Home Projects

Cleveland Appraisal Blog

Are you planning on renovating your home? What to Expect When Undertaking These 4 Common Home Renovation Projects. When home improvement gives way to major renovations, the implications can be more impactful than you might realize. However, you must be aware of your budget and timeline before committing to a kitchen renovation.

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VA makes major change to America’s most underutilized mortgage program

Housing Wire

The program provides direct loans to Native American veterans and veterans who are married to Native American non-veterans to help with the purchase, construction or renovation of a home on trust land. A 2022 report found that the NADL program was severely underutilized , with just 89 loans originated in the continental U.S.

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Flagstar Bank offers brokers direct access to seasoned specialty lending experts and powerful tech solutions

Housing Wire

The housing market has undergone a significant transformation over the past two years. While a booming market kept brokers busy in 2021, the 2022 housing market has been underscored by rising interest rates, inflation and geopolitical turbulence.

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