By KIMBERLEY HAAS
A grant from the Wells Fargo Foundation will help establish a training program to address the need for credentialed contractors in communities nationwide.
The foundation has a working relationship with Team Rubicon, a veteran-led humanitarian organization that provides relief before, during, and after natural disasters. Leaders there say they continue to see a critical shortage of people with the skills necessary to assist homeowners in the rebuilding process.
Team Rubicon’s new TRades Academy will provide veterans with contracting, electrical, plumbing, and HVAC skills. Trainees will gain the field experience needed to eventually become certified contractors in their own communities, according to a press release.
Wells Fargo has provided a $750,000 grant to support the academy. That money…
Housing starts surged unexpectedly in October, suggesting some relief for homebuyers grappling with tight inventory.
Housing starts were up 1.9% last month to a 1.37 million annualized rate, their highest point in three months, according to data from the U.S. Census Bureau.
Single-family starts rose a modest 0.2%, adding to a 3.2% month-over-month increase in September, though they remain down 10.6% from the start of 2023. Multifamily starts saw a 6.3% boost to an annualized 402,000 pace.
Permits also increased by 1.1% to 1.49 million, a boon after slipping the month prior. Permits indicate how many homes will be built in the coming months.
Single-family permits rose 0.5% to 968,000, their highest level since May 2022, while multifamily permits jumped…
The CEO of a national end-to-end risk mitigation company says their platform opens doors to lenders that want to enter the construction market.
Leaders at CFSI Loan Management in Colorado say that at most lending institutions, construction loans make up less than 10% of originations due to the challenges and complexities of managing these transactions.
The company has completed more than 150,000 project inspections, 50,000 funding draws, and 25,000 project feasibility reviews. More than $15 billion in construction projects are being managed through CFSI’s construction lending platform, according to a press release.
Brian Mingham, founder and CEO of the company, was working in the mortgage business when the idea for CFSI was conceived. He says he saw the value in…
Housing construction slid again in November as inflationary pressure and high rates kept demand down. Residential starts fell 0.5% from October to an annualized rate of 1.43 million, down 16.4% from the same time last year, according to data from the U.S. Census Bureau. This is the third consecutive decline for these data. Economists surveyed by the Wall Street Journal predicted starts would fall to 1.4 million from October’s initial estimate of 1.43 million. Single-family starts dropped 4.1% month-over-month to an annualized rate of 828,000. This is their lowest level since May 2020. Permits for new homes fell 11.2% to a rate of 1.34 million. Single-family permits tanked by 7.1% to their slowest pace since 2020. Permits offer an indication…
Mortgage applications for new home purchases fell 15.2% year-over-year (YOY) in October but increased 6% month-over-month (MOM), according to the Mortgage Bankers Association’s (MBA) latest Builder Application Survey. The increase from September puts MBA’s estimate of new home sales at its strongest pace since January 2021. “Purchase activity continues to be dominated by higher loan balance transactions, which pushed the average new home loan size up to over $412,000, another new record in the survey,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Recent U.S. Census data show an increasing share of new sales are for homes yet to be built or still under construction, and a shrinking share of completed homes. Housing demand remains strong,…
