Housing Developments

The U.S. House of Representatives has seen its business paused as the new Republican majority attempts to elect a Speaker. Will this impact legislation and the other work of Congress? Also, a report noted that residential construction spending declined in November, no surprise given current conditions.

Happy New Year! Or will it be? The Biden Administration announced a change to water rules last week on the last business day of 2022, one that will have a huge impact on home builders and developers.

It was a busy week for housing data in the run-up to the holidays, culminating in new home sales today. Everyone have a safe and happy holiday season, and we'll see you again in 2023!

Despite the Fed's best efforts, employment continues to be strong, including in the construction sector.

Existing home sales came out today, and they fell again, as they have all year. Also, Congress is trying to get a spending bill through before the holidays, blizzard, and a change of power.

Housing starts and permits came out today, and the news isn't great. Hear from NAHB Chief Economist Rob Dietz as he explores what 2023 might look like in home building.

Home builder confidence declined again in the December reading of the NAHB/Wells Fargo Housing Market Index (HMI). But there are some indications that sentiment might be nearing its bottom in the current cycle.

Ever wonder which states have the highest property taxes? Well, we'll tell you...

The Producer Price Index showed a decline in building material prices in November after falling in the previous two months with lumber returning to pre-pandemic prices. But there is still volatility in materials prices as we head into winter.

All eyes will be on Washington this week as the Fed will meet to decide how much to increase interest rates and Congress tries to avert a government shutdown before the holidays.

It was a busy week in housing news, so let's recap the top stories as Congress settles into a lame duck session and the economy tries to find its footing.

Soaring interest rates are crushing the real estate market causing many home builders to increase incentives or lower prices, which was the whole point in the first place, right?

Transformers are a problem! Not the robot/cars of 80s TV and 00s movies, the complicated equipment that converts and routes electricity at power stations. They are in short supply and it's becoming a huge issue for land development and home building.

When is robust hiring seen as a bad economic sign? When the Fed wants to reduce inflation by forcibly sending more Americans to the unemployment line, that's when.

Congress returns this week for a lame duck session that will see a sprint to pass Democrats' priorities before Republicans take control of the House.

The declining market for new homes purchases is driving up the share of single-family homes being built for rent. Have a happy Thanksgiving; the Daily Drill is taking next week off. We'll see you again on Monday, Nov. 28.

Yesterday, we said that home builder confidence was down, which would lead to fewer housing being built. Today, government data showed that home starts did indeed fall last month and are down more than 7% year to date. See, we know what we're talking about!

The NAHB/Wells Fargo Housing Market Index (HMI) declined again in November for the 11th consecutive month to a decade-low reading of 33. Rising interest rates and stubbornly high home prices are pushing buyers out of the market and home builders are feeling the effects.

Are we in a home buyers' market or a sellers' market? How about neither!

Get ready for a crazy week! We should finally have some clarity on the balance of power in Congress. But all eyes are on Tuesday, as the GOP will press forward with leadership votes and there might be an announcement from a particular Florida man.