Richard Stein – Realtor®, Douglas Elliman, GREEN, SFR, CBR, eCertified®

Local Agent, Worldwide Marketing – Douglas Elliman Real Estate formerly Prudential Douglas Elliman Real Estate

‘The housing market can’t take the shock of a natural event,’ real estate economist warns

  • At least 10,000 homes and other structures have been destroyed by floods, winds and fires in the past three months.
  • Given the acute construction labor shortage, reconstruction and its repercussions in residential real estate could be yet another disaster.
  • “The housing market can’t take the shock of a natural event,” says Nela Richardson, chief economist at Redfin.

Diana Olick

 

Natural disasters compound housing’s labor market from CNBC.

The exact tally is still impossible to calculate, but at least 10,000 homes and other structures have been destroyed by floods, winds and fires in the past three months. Given the acute construction labor shortage that was already at play before these disasters, reconstruction and its repercussions in residential real estate could pose yet another disaster.

“The housing market can’t take the shock of a natural event,” said…………….

Full story at CNBC

U.S. housing starts fall to one-year low

By Reuters


Reuters

WASHINGTON, Oct 18 (Reuters) – U.S. homebuilding fell to a one-year low in September as Hurricanes Harvey and Irma disrupted the construction of single-family homes in the South, suggesting that housing probably remained a drag on economic growth in the third quarter.

Housing starts decreased 4.7 percent to a seasonally adjusted annual rate of 1.127 million units, the Commerce Department said on Wednesday. That was the lowest level since September 2016 and followed August’s upwardly revised pace of 1.183 million units.

Groundbreaking tumbled 9.3 percent in the South to the lowest level since October 2015, with single-family homebuilding in the region tumbling 15.3 percent to more than a one-year low. The South accounts for almost half of the nation’s homebuilding.

Economists polled by Reuters had forecast housing starts falling to a rate of ………………………..

Full story at Nasdaq

Buyer’s market? Not in housing. Sales slow in key tract of U.S. economy

After years of rising sales, U.S. housing boom shows signs of age
By JEFFRY BARTASH

Sales of new and previously owned homes in the U.S. have petered out lately. A blip? Or worse than that?

By all rights home sales in the U.S. should be booming, but they are not.

Oh sure, real estate agents are busy and there’s no shortage of potential buyers. There just aren’t quite enough actual buyers right now in light of how well the economy is doing.

Sales of previously owned homes, for instance, have fallen three straight months. And they are basically flat compared to one year ago.

Similarly, sales of newly built homes have tapered off after reaching a 10-year high in March.

The sales outlook isn’t looking great for September, either. New and existing home sales could fall again, hurt in part by hurricanes that disrupted large swaths of the South, the nation’s fastest growing region. The latest home sales figures are due this week.

“Sales look to have hit a ceiling this year after rising steadily since 2011,” said Sal Guatieri, senior economist at BMO Capital Markets.

 

The backsliding is a bit of a surprise, especially as optimism among builders spurs them to ramp up construction. The steadily growing U.S. economy is gradually raising incomes and providing the most opportunities in at least a decade for anyone who wants to work. Job openings are near a record high and the 4.2% unemployment rate is close to a 17-year low.

Slower sales aren’t entirely a shock, however.

For one thing, rising prices have put off a lot of ……………………………….

Full story at MarketWatch

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