MHProNews has learned from builderonline that the sale of existing homes in Nov. 2015 fell 10.5 percent month-over-month and dropped 3.8 percent year-over-year, according to the National Association of Realtors (NAR). This decline marked the first year-over-year drop since Sept. 2014, despite a strong job market.
National Association of Home Builders (NAHB) economist Robert Dietz says the drop could be fallout from the new disclosure rules implemented recently by the CFPB that are causing some mortgage closings to be delayed by one or two weeks.
He says the residential construction industry added 23,100 jobs in Dec. following the increase in Nov. of 31,500 jobs. He adds that a falling unemployment rate and declining labor force should contribute to wage gains in 2016. However, he cautions that if employers hire part-time and underemployed workers the wage gains will not be as noticeable.
In any case, he says as labor market conditions tighten labor costs will rise. ##
(Photo credit: housingwire)
Article submitted by Matthew J. Silver to Daily business News-MHProNews.