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Homebuilder sentiment tumbles in September for ninth straight month
Source: Fox Business --- Confidence among builders in the U.S. housing market plunged more than expected in September to the lowest level since the beginning of the COVID-19 pandemic as painfully high inflation and rising borrowing costs forced potential buyers to...
Home-Flipper Opendoor Hit With Losses in Echo of Zillow Collapse
Source: Bloomberg --- Company lost money on 42% of its August resales after it failed to anticipate slide in housing demand. The US housing market’s sharp downturn has been bad for builders, flippers and almost anyone who had plans to sell a home when rising mortgage...
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Nonresidential Construction Spending in U.S. Projected to Increase Through 2023
Source: World Property Journal --- According to the American Institute of Architects, the U.S. nonresidential building sector is expected to see a healthy rebound through next year after failing to recover with the broader economy last year. The AIA's Consensus...
Why private construction jobs are requiring surety bonds, too
Source: Construction Dive --- Public construction projects almost always require surety bonds. As a type of insurance, bonds protect the government if the wheels come off a project, or the contractor absconds with the funds. Indeed, bonding has been mandatory on...
The average size of a new mortgage just set a record, as home prices continue to climb
Source: CNBC --- Homebuyers are facing one of the priciest housing markets in history, and that means they need larger mortgages than ever before. While mortgage demand is falling, due to rising interest rates, the size of the average purchase loan application just...
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