HBA Honors Late Builder by Creating Grants for Young Professionals
Derek Weiss was an ambitious business owner whose work brought bespoke and handcrafted millworks, cabinetry and furniture pieces to Detroit. The third-generation carpenter who worked at Home Dimensions Custom Carpentry in Holly, Mich., tragically passed away at the age of 39 in 2021.
In his honor, the Home Builders Association of Southeastern Michigan announced four $1,000 grants for HBA members to attend the 2025 NAHB International Builders’ Show (IBS), an event Weiss greatly benefited from in growing his business.
The grants were made by the 3 Rivers Community Foundation to four individuals aged 40 or younger, who are licensed remodelers or builders in Michigan and current members of the HBA.
The awardees are:
- Jacob Morris Beer of Nosan Signature Homes in Farmington Hills
- Hussein Mokahal of The LED Lion, Inc. in Dearborn Heights
- Gordon Russell III of Russell Building Company in St. Clair Shores
- Maxwell Zervos of Zervos Construction in Farmington
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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.