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."
The Federal Reserve cut its federal funds rate today by 25 basis points (bps) to a range of 2.0% to 2.25%. This cut represents a marked change in the direction of monetary policy in the first half of 2019.
Marking the one-year anniversary of the White House executive order on workforce development this week, Greg Ugalde, chairman of the National Association of Home Builders issued the following statement
Existing-home sales in the U.S. weakened in June 2019, as total sales saw a small decline after a previous month of gains. While two of the four major U.S. regions recorded minor sales jumps, the other two - the South and the West - experienced greater declines last month.
According to Freddie Mac's latest Primary Mortgage Market Survey, after declining for most of 2019, U.S. mortgage rates remained mostly unchanged this first week of July. The recent stabilization in mortgage rates reflects modestly improving U.S. economic data.
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