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Residential construction jobs now 7.6% above pre-COVID level

Housing Wire

After a month of very little change in April , the construction sector had a solid month of job growth in May, according to the U.S. Construction gained 36,000 jobs in May, with residential building adding 5,000 jobs and residential specialty trade contractors gain 11,700 jobs. The post Residential construction jobs now 7.6%

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Guild Mortgage acquires First Centennial Mortgage

Housing Wire

Retail lender Guild Mortgage announced Monday the acquisition of First Centennial Mortgage, a privately-held Illinois-based lender with 15 branches predominantly in the Midwest and a presence in 17 states. The terms of the deal were not disclosed. The company had 227 active loan officers and originated $830 million in the last 12 months.

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Mortgage rates dip to 6.6% to mark the lowest level since May 2023

Housing Wire

However, as purchase demand continues to thaw, it will put more pressure on already depleted inventory for sale,” said Sam Khater, Freddie Mac’s chief economist. Housing starts declined 9% in 2023, an indication that homebuyers looking to purchase a new construction home may continue to struggle with the lack of inventory this year.

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Mortgage rates fell 18 bps, but that’s of little solace to homebuyers

Housing Wire

Homebuilder sentiment rose for the seventh consecutive month and new construction activity slightly pulled back as the cost of materials picked up. Simultaneously, retail sales improved modestly and industrial production declined on waning demand. Hence, the lower mortgage rates bring little relief to hopeful homebuyers.

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Strong jobs report suggests rate cuts won’t come ‘til summer

Housing Wire

Meanwhile, retail trade, mining, quarrying, oil and gas extraction, manufacturing, wholesale trade, information, and financial activities posted fewer jobs in February. In February, employment continued to trend up in construction, adding 23,000 jobs month over month. Average hourly earnings for private-sector employees grew by 0.1%

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Proprietary Capital completes acquisition of AFR, hires new COO

Housing Wire

It also has a niche in construction and manufactured home loan programs. Proprietary Capital expects to add products and gain market share across all channels after the ARF acquisition, the company said in a statement.

Lending 366
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Economists see housing as bright spot to unemployment

Housing Wire

Due to massive losses in the servicing sector outnumbering professional and construction job gains, the raw number of nonfarm payroll employment fell by 140,000 – the first decline since April of last year. More workers in the sector should support the faster pace of housing construction the market needs,” Fratantoni said.