FILE PHOTO: A new apartment building housing construction site is seen in Los Angeles, California, U.S. July 30, 2018. REUTERS/Lucy Nicholson
A quarter ago most homebuilders were pulling their annual forecasts and bracing for a huge fall in orders due to mounting cancellations in the face of historic U.S. job losses that left buyers worried about their financial future. Builders have been among the fastest recovering sectors from the initial round of lockdowns, however, with U.S. housing starts up 17% in June as rock bottom interest rates got sales moving again.
A nationwide Harris poll also showed almost 40% of urban dwellers would now consider moving to less populated areas, and percentages browsing online for properties are even higher. “Record-low rates and a powerful ‘nesting’ trend are driving strong order growth and pricing by the builders, this is now largely embedded in expectations,” Evercore ISI analyst Stephen Kim said.
US homebuilders and home related stocks among the S&P 500 leaders today. Low rates and flight to suburbs. Pulte, Mohawk, Lennar, DR Horton, Whirlpool
How short sighted. If 85% of small business disappear as economists are forecasting..what happens to their homes? A wave of foreclosures are coming after eviction protections are lifted in August.
Boil toil bubble trouble...40% of the population should remain mobile to meet the employment demands of the 🇺🇸 coupled livable wages and lower rental rates!
Please don’t forget steel makes the best roofing🙂