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Southern construction boom is aiding housing affordability

Housing Wire

But increased activity in residential construction , particularly in the South, is helping to alleviate affordability challenges in certain regions, according to ananalysis from First American Financial Corp. This construction boom is contributing to slower home-price appreciation and, in some cases, price declines. Census Bureau data.

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New apartment construction hasn’t lowered rents in many areas

Housing Wire

More inventory can bring down prices, but some renters still struggle to meet the rental price hikes found in new construction. increase in asking rents for newly constructed apartments in 2024 the biggest spike in 18 months. Seattle-based brokerage Redfin released a report this week that highlighted a 1.5%

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As the lock-in effect eases, the market for new homes is shrinking

Housing Wire

New construction inventory has grown in recent months. Homebuilders have backed off since the pandemic-driven building boom, with high mortgage rates dampening demand; they’re focused on selling the new homes they have on the books rather than constructing new ones,” Redfin noted in the report. million units. The sales pace was down 3.5%

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Highlands Residential Mortgage hires Daniel McCoy as regional construction loan manager

Housing Wire

Highlands Residential Mortgage announced that Daniel McCoy is joining the company as a regional construction loan manager for the Southeast. Daniel McCoy McCoy leads the construction-focused McCoy Mortgage Team , which has previously affiliated with companies like MVB Mortgage , Intercoastal Mortgage and Cardinal Financial.

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Florida struggles with affordable housing despite bulking up construction

Housing Wire

Despite bolstering its construction activities and the availability of single-family homes , the state of Florida continues to endure shortages in its affordable housing stock that impact the workforce and retirees living on fixed incomes. This is especially true for those with incomes below 60% AMI, the study found.

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The Federal Reserve’s housing recession dilemma

Housing Wire

Interestingly, employment for residential construction workers typically one of the first areas to experience declines before a recession has not yet seen its usual downturn. However, despite these challenges, we have not lost our labor pool of construction workers. We will soon find out. Lets take a closer look at the data.

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The homebuilders’ 2025 supply and demand problem

Housing Wire

This situation poses a risk to construction labor in 2025. Is 2025 the first year we start losing residential construction jobs? Earlier this year, mortgage rates were trending at 7.50%; during that time, we received one negative monthly residential construction labor report. This issue extends beyond just housing. percent (18.6