Potential Legislation in Florida Could Hit Construction Lien Law

April 10, 2017

A state lawmaker in Florida who has told the construction industry he believes homeowners should have no responsibility for payment to subs and suppliers and wants to eliminate their lien rights on most residential construction may introduce legislation detrimental to the industry this week in Florida’s House Commerce Committee.

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Dodge Momentum Index Continues to Climb

April 7, 2017

The Dodge Momentum Index continues to climb after a revised February reading. The index from Dodge Data & Analytics increased by 0.9% to 144.4 in March compared to 143.2 in February. This is the sixth consecutive monthly increase for the index.

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Construction Unemployment Improves in 50% of U.S.

April 6, 2017

Half of the U.S. is improving its construction unemployment rates. On a year-over-year basis from February 2016 to February 2017, “construction unemployment rates were down in 25 states and unchanged in four,” according to Associated Builders and Contractors (ABC). Despite the positive change, the national rate increased a tenth of a percent to 8.8% this past February. It was, however, down from 9.4% in January 2017.

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Housing Contributes to Positive GDP Growth

April 5, 2017

Residential fixed investment (RFI) is one of the reasons gross domestic product increased in the fourth quarter of 2016. “The fourth-quarter expansion of RFI added 0.35 percentage points to the headline GDP growth rate,” said the National Association of Home Builders (NAHB).

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Home Prices Expected to Increase through February 2018

April 4, 2017

U.S. homes prices are expected to continue increasing through next February. The newest CoreLogic Home Price Index (HPI) shows home prices increased 1% from January to February 2017 and will continue moving up until February 2018. Prices jumped 7% on a year-over-year basis from February 2016 to February 2017, according to the data and analytics company’s index.

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FHFA: Mortgage Rates Increase in February

March 31, 2017

Mortgage rates are on the rise according to the newest Monthly Interest Rate Survey (MIRS) from the Federal Housing Finance Agency (FHFA). February saw an eight-basis-point increase to 4.25% compared to January on average interest rates for all mortgage loans. Meanwhile, the average loan amount was just over $300,000, down about $4,000 from the previous month. Previously occupied homes saw mortgage rates move up five basis points to 4.27%.

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CCI Shows Drop in Contractor Confidence

March 30, 2017

Industrial and commercial construction contractors are still expecting a positive growth in construction activity this year despite a drop in confidence. Sales, profit margins and staffing level expectations all stayed above the threshold of 50 in the newest Construction Confidence Index (CCI) from Associated Builders and Contractors (ABC).

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NAR: Pending Home Sales Increase in February

March 29, 2017

Pending home sales are on the upswing after bouncing back from a subpar start to 2017. Pending sales were at their second-highest level in more than 10 years in February, according to the Pending Home Sales Index released by the National Association of Realtors.

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U.S. Home Prices Hit 31-Month High

March 28, 2017

U.S. home prices are at a 31-month high, according to the latest S&P CoreLogic Case-Shiller Index. The index covers all nine U.S. census divisions, and it showed home prices increased 5.9% in January compared to last year. Reuters economists estimated the increase would only be at 5.6%, but the increase was the largest year-over-year jump since July 2014.

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Construction Creditors May Have New Tool in Their Toolkits: Drones

March 27, 2017

Using aerial drones to aid construction workers on the job site is the goal of a new partnership between John Deere and drone firm Kespry. And though the technology is new and evolving rapidly, industry observers like James Vann, Esq., with Vann Attorneys of Raleigh, NC, believe it’s probably a matter of if, not when, the fruits of drone technology and data analysis will be seen in the credit department.

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