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US Home Builder Confidence, Home Equity: June & 1Q ‘17

US Home Builder Confidence, Home Equity: June & 1Q ‘17

Builder confidence in the market for newly-built single-family homes in the US weakened slightly in June, down two points to a level of 67 from a downwardly revised May reading of 69 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released Thursday. Elsewhere, according to the Federal Reserve Board’s 1Q 2017 release Tuesday of its Financial Accounts of the United States report, household holdings of real estate totalled US$23.526 trillion in 1Q 2017, which is US$1.597…

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US Housing Starts: May 2017

US Housing Starts: May 2017

Total housing starts in the US declined in May after a few, strong early months to begin 2017. Total starts were down 5.5 per cent, falling to a 1.092 million seasonally adjusted annual rate, according to the joint data release from the Census Bureau and HUD Friday. Declines were recorded for both single-family and multifamily development. Single-family starts fell back, declining to a 794,000 annual rate. The February annualized rate, 877,000, was the fastest monthly pace since the Great Recession….

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US Construction Spending, House Prices: April 2017

US Construction Spending, House Prices: April 2017

Construction spending in the US during April 2017 was estimated at a seasonally adjusted annual rate of US$1,218.5 billion, 1.4 per cent below the revised March estimate of US$1,235.5 billion. Spending on private construction was at a seasonally adjusted annual rate of US$943.3 billion, 0.7 per cent below the revised March estimate of US$949.7 billion. In April, the estimated seasonally adjusted annual rate of public construction spending was US$275.3 billion, 3.7 per cent below the revised March estimate of US$285.9…

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US Lumber Imports, House Size, Home Sales

US Lumber Imports, House Size, Home Sales

The US imported a total of 8.456 million cubic metres of softwood lumber from Canada in 1Q this year which, according to the figures from the US Department of Agriculture, Foreign Agriculture Service (FAS), equates to a reduction of 16 per cent against last year. The FAS also recorded a reduction in US softwood lumber exports for 1Q. At a total of 782,448 cubic metres, the exports were 4 per cent below the figure for a year earlier. The main…

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Softwood Lumber Tariff and US Housing

Softwood Lumber Tariff and US Housing

The conversation shifted slightly this week; or perhaps more correctly expanded, from specifics of assignation of US duties on imports of Canadian softwood lumber to the effects of that on a tenderly burgeoning US home building industry. Rising wages and moderating home prices offset a rise in mortgage interest rates to give housing affordability a slight boost in the rst quarter of 2017, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released Thursday. US Housing…

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US Lumber and Building Sales, Imports, Log Exports: Jan – Feb 2017

US Lumber and Building Sales, Imports, Log Exports: Jan – Feb 2017

US Lumber and Other Construction Materials Trade for Jan-Feb 2017 are up 7.7% to US$42,933 million, from US$40,475 million for the first two months of last year. Full-Year 2016 US Construction Trade was US$122,384 million, up 7.7% from full-year 2015. US Lumber and Other Construction Materials Trade: Jan-Feb 2017 US Log Exports to the WORLD for Jan-Feb 2017 are up 12% to US$211 million, from US$186 million for the first two months of last year. Full-Year 2016 US Log Exports…

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US Housing Starts, Home Sales: February & March 2017

US Housing Starts, Home Sales: February & March 2017

Total housing starts in the US declined in March, after a strong pace was recorded in February. Total starts were down almost 7 per cent, falling to a 1.215 million seasonally adjusted annual rate, according to the joint data release from the Census Bureau and HUD April 18. Single-family starts posted a monthly decline of 6 per cent in March, falling to an 821,000 annual rate. The February annualized rate, 875,000, was the fastest monthly pace since the Great Recession,…

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US Construction Jobs: February 2017

US Construction Jobs: February 2017

According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis April 11, the number of open construction sector jobs rose to 169,000 in February. The cycle high is 238,000, set in July of last year. The open position rate (job openings as a percent of total employment) for February increased to 2.4 per cent. On a 12-month moving average basis, the open position rate for the construction sector held steady at 2.7 per cent, near the…

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US Apartment Vacancy Rate: 1Q 2017

US Apartment Vacancy Rate: 1Q 2017

Reis reported Friday that the US apartment vacancy rate was at 4.3 per cent in Q1 2017, up from 4.2 per cent in 4Q 2016, and unchanged from 4.3 per cent in 1Q 2016. The vacancy rate peaked at 8 per cent at the end of 2009. From Reis: Effective Apartment Rents Decline in 23 of 79 Metros Across the US. The National Effective Rent Grew 0.3 per cent in the Quarter, 3.1 per cent over the Year   Apartment…

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US Real House Prices, Price-to-Rent Ratio: Jan 2017

US Real House Prices, Price-to-Rent Ratio: Jan 2017

The Case-Shiller US National Home Price Index rose at a seasonally adjusted annual growth rate of 7.9 per cent, slower than the 9.2 per cent increase in December, according to the S&P Dow Jones Indices Tuesday. In real terms, and as a price-to-rent ratio, [US house] prices are back to late 2003 / early 2004 – and the price-to-rent ratio maybe moving a little more sideways now, wrote Bill McBride in Calculated Risk Tuesday. US Real House Prices, Price-to-Rent Ratio:…

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