Why Average Hourly Earnings Increased by 2.5%
Average hourly earnings fell by 12 cents on a month-over-month basis in January 2016 and were up 2.5% year-over-year to $25.24.
In January, non-farm payrolls increased by 151,000, missing Wall Street’s estimate of 190,000. Private payrolls rose by 158,000, government jobs by 17,000.
The easing of the mortgage process is beneficial to customers. It also provides an avenue for mortgage lenders to be transparent in the lending process.
The CFPB’s mortgage disclosure form initiative has been created mainly to help consumers understand and select the best mortgages for them.
The Consumer Financial Protection Bureau was established to protect consumers’ interests by implementing federal consumer financial laws.
PulteGroup (PHM) and D.R. Horton (DHI) are focusing the most among their peers on the emerging Millennial first-time homebuyer.
PulteGroup’s (PHM) gross margins for 4Q15 came in at 23.5%, up 40 basis points on a year-over-year basis and down ten basis points from the third quarter.
PulteGroup (PHM) reported net income of $226 million, or $0.64 per share, which beat the Wall Street estimate of $0.49 per share.
PulteGroup (PHM) reported 4Q15 revenues of $2.1 billion, which topped Wall Street’s estimate of $1.9 billion. Revenues rose in home sales, land sales, and financial services.
Rent is rising fast while pay raises have been very modest, which is a very difficult situation for median-income households.
In 2016, average rent is expected to remain resolute due to higher demand led by low inventory and unaffordable homes.
The rental vacancy rate was consistently above 10% between 2008 and 2010, but it has declined rapidly since then.
In San Francisco, higher demand and severe development restrictions led to the sharp rise in rent. The average rent for a one-bedroom apartment is $3,500 per month.
As more and more people seek apartments, rent has also been rising rapidly. In fact, rent has been rising faster than the overall cost of living in the US.
According to the National Association of Realtors, US pending home sales rose marginally at 0.1% in December versus a 1.1% fall in November 2015.
The National Association of Realtors’ data showed that, on average, properties stayed on the market for 58 days before they were sold to buyers.
The National Association of Realtors’ survey showed that the median age of first-time buyers was 31.
First-time buyers comprised 32% of the total homebuyers in December, compared with 30% in November and 29% in December 2014.
S&P (Standard & Poor’s)/Case-Shiller home prices are the most reliable series for calculating changes in the price of single-family homes.
Among the various indicators that track the housing sector, new home sales data provide insight on current as well as future buying trends in the segment.