California Builder Services

In economic news, the U.S. Census Bureau reported a 22% jump in new construction housing over June, which was 23% higher than May. This is almost 10% higher than July of 2019. Also up was the builder confidence index and as published by the National Association of Home Builders (NAHB), which saw a 6-point jump from the previous month to 78 points the highest number since December 1998. Lastly, the Federal Reserve published Census Bureau data showing Condo projects of 5 ...or more units saw a 56% increase over last month! This is a prime indicator of the housing market in my opinion because many times the single-family indexes will rise before the condos see an increase. Although January of this year was higher than July, last month was higher than any other month since June of 1986 (a great month and year if I do say so myself!). Selfishly, it’s that last index that makes me so excited because condo projects with 5 or more units require a Public Report from the Department of Real Estate (which we’re experts at), as well as an HOA Budget (also, experts), and once they’re sold, they require reserve studies (again we’re experts). With low rates, low inventory, and the increased demand for suburban and rural areas, many economists are confident that housing will be one of the more buoyant areas of the economy.

The U.S. Labor Department published its annual inflation rate today for the 12-months ending in July 2020. The Annual Inflation rate is 1.0%, up from 0.6% last month, and 0.1% in May - the lowest inflation rate since the Covid Pandemic began. This brings the 20-year average inflation rate to 2.1%. So far during this pandemic, we have not experienced any deflation where the rate turns negative; the times that has happened in the past 20 years was in 2009 and 2015 and is a sign of an uncertain and slowing economy. Yesterday, the Federal Reserve said it would reduce the interest rate it charges cities and states seeking short-term loans. They have also broadened their lending program to more than 300 cities.

Mortgage applications to purchase a home is 19% higher than last year, according to data from the Mortgage Bankers Association. The total mortgage volume was up 4% over last week! CNBC Reports

Hurry! Our last home at our Ivy Riverstone neighborhood is ready for you to move in! 682 Parsons Way S. Madera, CA 93636 is a gorgeous home and we want to show ...you exactly what we mean. Click the link below to view a virtual tour and if interested contact Elaine Colett with Guarantee Real Estate at (559) 650-6010. https://bit.ly/2OEBZyp . . . . . #mccaffreyhomes #residence2 #ivy #riverstone #neighborhood #quickmovein #homes #construction #homebuilding #homesweethome #tesoroviejo #newhomesmadera See more

Housing Is Looking Up! https://cabuilderservices.com/housing-is-up/