The National Association of Home Builders chairman Randy Noel just issued the following statement this week regarding President Trump's announcement to impose tariffs on steel and aluminum imports:
"It is unfortunate that President Trump has decided to impose tariffs of 25 percent on steel imports and 10 percent on aluminum imports. These tariffs will translate into higher costs for consumers and U.S. businesses that use these products, including home builders.
"Given that home builders are already grappling with 20 percent tariffs on Canadian softwood lumber and that the price of lumber and other key building materials are near record highs, this announcement by the president could not have come at a worse time.
"Tariffs hurt consumers and harm housing affordability. We hope the administration will work quickly to resolve these trade disputes regarding lumber and steel so that businesses and consumers have access to an adequate supply at a fair market price."
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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