The National Association of Home Builders' chairman Greg Ugalde issued the following statement after this yesterday's House and Ways Means Committee hearing in Washington DC on US-China trade:
"We commend Rep. Mike Thompson (D-Calif.) for raising concerns at today's hearing that tariffs on Chinese goods represent a $1 billion tax on housing and harm housing affordability. The hearing on U.S.-China trade only underscores the need for the administration to move quickly to resolve trade disputes that are needlessly raising the cost of key building materials and exacerbating the housing affordability crisis.
"U.S. Trade Representative Robert Lighthizer responded to Thompson's query on housing affordability by talking about softwood lumber. Lighthizer's reply essentially confirms that tariffs on imports of Canadian lumber; steel and aluminum; and hundreds of products from China commonly used in U.S. residential construction are contributing to the rising cost of building materials. These higher costs are putting homeownership out of reach of working American families. The administration must resolve these trade conflicts in a manner that will provide a fair deal to American home buyers and businesses."
According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage in the U.S. dropped 10 basis points to 4.31 percent. Mortgage rates declined decisively this week amid various market reports.
According to CBRE's latest U.S. Data Center Trends Report, demand from large cloud users drove U.S. data center leasing to record levels in 2018, providing momentum for new construction in the sector this year.
According to Freddie Mac's latest Primary Mortgage Market Survey, U.S. mortgage rates held steady in the last week of February, after declining for three consecutive weeks. Mortgage rates remained mostly unchanged this week.
According to the National Association of Realtors, existing-home sales in the U.S. experienced a dip for the third consecutive month in January 2019. Of the four major U.S. regions, only the Northeast saw an uptick in sales activity last month.
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