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."
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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