Podcast: WOTUS Decision, Good Housing Data and Politics
In the latest episode of NAHB's podcast, Housing Developments, co-hosts CEO Jim Tobin and SVP of Communications Paul Lopez discuss the importance of yesterday's Supreme Court decision rescinding key parts of the Biden Administration's Waters of the U.S. (WOTUS) rule.
The pair also talk about some recent positive data for the housing and home building industry and the political landscape now that the Republican presidential nominee field is rapidly growing.
Listen to Housing Developments wherever you get your podcasts or watch a video of the full episode below.
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Latest Economic News
The U.S. labor market rebounded in October, with nonfarm payroll employment increasing by 165,000 jobs and the unemployment rate declining to 4.1%. However, the improvement in overall employment contrasts with continued weakness in residential construction, where employment fell by 16,400 jobs, the largest monthly decline since March 2021.
New multifamily housing confidence weakened year-over-year in the third quarter, according to the Multifamily Market Survey (MMS) by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) had a reading of 41, down five points year-over-year, while the Multifamily Occupancy Index (MOI) had a reading of 69, also down five points year-over-year.
Mortgage application activity declined in October as the 30-year fixed mortgage rate rose sharply again. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, fell 14.1% month-over-month in October on a seasonally adjusted basis. Compared to a year ago, total mortgage applications were 39.8% lower.