Builder Confidence Posts Solid Gain in May

Builder confidence in the market for newly-built single-family homes rose three points to 66 in May, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today. Builder sentiment is at its highest level since October 2018.

“Builders are busy catching up after a wet winter and many characterize sales as solid, driven by improved demand and ongoing low overall supply,” said NAHB Chairman Greg Ugalde, a home builder and developer from Torrington, Conn. “However, affordability challenges persist and remain a big impediment to stronger sales.”

“Mortgage rates are hovering just above 4 percent following a challenging fourth quarter of 2018 when they peaked near 5 percent. This lower-interest rate environment, along with ongoing job growth and rising wages, is contributing to a gradual improvement in the marketplace,” said NAHB Chief Economist Robert Dietz. “At the same time, builders continue to deal with ongoing labor and lot shortages and rising material costs that are holding back supply and harming affordability.”

Derived from a monthly survey that NAHB has been conducting for 30 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

All the HMI indices posted gains in May. The index measuring current sales conditions rose three points to 72, the component gauging expectations in the next six months edged one point higher to 72 and the metric charting buyer traffic moved up two points to 49.

Looking at the three-month moving averages for regional HMI scores, the Northeast posted a six-point gain to 57, the West increased two points to 71, the Midwest gained one point to 54, and the South rose a single point to 68.

Editor’s Note: The NAHB/Wells Fargo Housing Market Index is strictly the product of NAHB Economics, and is not seen or influenced by any outside party prior to being released to the public. HMI tables can be found at nahb.org/hmi. More information on housing statistics is also available at housingeconomics.com.

Original Source

Miami-Dade Condominium Sales Increase Year-over-Year in 1Q 2019

Miami-Dade Condominium Sales Increase Year-over-Year in 1Q 2019

  MIAMI/ MAY 14, 2019 (STL.News) Miami-Dade County existing condominium sales and median sale prices for all properties increased year-over-year in 1Q 2019, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system. Miami existing condo sales increased 0.8 percent year-over-year in 1Q 2019, increasing from 2,974 to 2,997. Single-family home sales decreased 4.9 percent, from 2,799 to 2,662. Total sales decreased 1.9 percent, from 5,773 to 5,659. “The new federal tax code and a decline in mortgage rates continue to play a role in the increase of existing Miami condo sales,” MIAMI Chairman of the Board José María Serrano said.

Continue reading Miami-Dade Condominium Sales Increase Year-over-Year in 1Q 2019 at STL.News.

Original Source

Financial Poise™ Announces “Focus on Single Asset Real Estate,” a New Webinar Premiering May 15th at 1:00 PM CST through West LegalEdcenter

Financial Poise™ Announces “Focus on Single Asset Real Estate,” a New Webinar Premiering May 15th at 1:00 PM CST through West LegalEdcenter

  CHICAGO/ MAY 14, 2019 (STL.News) There are some special rules for single asset real estate cases in the Bankruptcy Code; but even without those special rules, such chapter 11 cases proceed quite differently than other cases. Motion to dismiss or convert early in the case, and motions to lift the automatic stay to permit a single lender to foreclose on all of the debtor’s assets, are common. More generally, single asset real estate cases are far more likely to be dominated by litigation early as compared to other chapter 11 cases.

Continue reading Financial Poise™ Announces “Focus on Single Asset Real Estate,” a New Webinar Premiering May 15th at 1:00 PM CST through West LegalEdcenter at STL.News.

Original Source

Listingly: Making Traditional Realtors Obsolete

Listingly: Making Traditional Realtors Obsolete

  BOCA RATON, FLA./ MAY 14, 2019 (STL.News) Listingly, the nation’s first Virtual Realtor service, is using technology to create a transparent marketplace that is challenging the very existence of big-box brokerage firms like Coldwell Banker, RE/MAX and Century 21. “Every idea starts with a problem. Ours was simple: Realtors are too expensive. We were homeowner’s trying to sell our house and were stuck having to choose between selling FSBO or with an expensive Realtor. Given that the Realtor’s MLS is where most homes get sold, we had no choice.” says Michael Talkow, Esq., Co-Founder and CEO of Listingly.

Continue reading Listingly: Making Traditional Realtors Obsolete at STL.News.

Original Source