Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas, issued the following statement after the Trump administration announced this week it would wind down the Deferred Action for Childhood Arrivals (DACA) program, which has allowed young people known as "Dreamers" who were brought to this country illegally as children to live and work:
"President Trump's call to Congress to find a permanent legislative solution to protect the 'Dreamers' underscores the urgent need for lawmakers to pass comprehensive immigration reform. Given the chronic shortage of residential construction workers, there has never been a more critical time for Congress to enact effective reforms that would help revitalize the economy and boost the housing sector.
"NAHB believes that any comprehensive reform should protect our nation's borders; include a new, market-based visa program that would fill labor gaps to ensure that the nation has a workforce that is sufficient to meet its housing construction and restoration needs; and provide a workable employment verification system. A successful guest worker program will help alleviate the current labor shortage in the residential construction sector, quicken the rebuilding efforts in Texas and support the overall economic growth of this nation."
Existing homes sales in the U.S. have retreated in four of the past five months, but a new survey from the National Association of Realtors finds this slowdown is not because of a lack of confidence from consumers
According to the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey for the week ending September 1, 2017, U.S. mortgage applications increased 3.3 percent from one week earlier.
According to Zillow, nearly one in 20 residential ZIP codes in the U.S. meets the definition of a $1 Million Neighborhood, meaning at least 10 percent of the homes there are worth seven figures or more.
According to Freddie Mac's latest Primary Mortgage Market Survey for early August 2017, the 30-year fixed mortgage rate dropped to its lowest point in six weeks. After holding relatively flat last week, the 10-year Treasury yield fell 4 basis points this week.