In the News Presented by Prairie Title
Commentary by Frank Pellegrini, Prairie Title CEO
April 25, 2016
We’re seeing it in our home town, where multi-family construction is going like gangbusters, and the numbers nationwide affirm it: Builders are confident as we move deeper into Q2 of 2016. The National Association of Home Builders’ closely-watched Confidence index,which focuses on single-family construction, was 58 for the third straight month. (Any reading over 50 signals improvement.) Midwest numbers mirror the national averages, holding steady in the 50s for nearly a year now.
“Builder confidence has held firm at 58 for three consecutive months, showing that the single-family housing sector continues to recover at a slow but consistent pace,” said NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill. “As we enter the spring home buying season, we should see the market move forward.”
At the same time, NAR announced on April 20 that existing home sales sprung ahead in March, “bolstered by big gains in the Northeast and Midwest.” That was the good regional news. Here comes the bad.
Those of us who live in Illinois know that things are a bit depressing at the moment as our governor and legislature grapple during a budget crisis with no foreseeable end in sight. I just returned from the ILTA lobby day in Springfield where we had a chance to meet with our legislators about issues that concern the real estate business and get a feel for the general state of affairs in Illinois government. Needless to say, there’s a lot of tension in the air.
Whichever side of the political divide you’re on — or even if you’re sick of them all — I urge you to get involved individually, in your neighborhoods and through your business associations to help move the needle in Springfield. Until and unless the decision makers feel some real heat from the citizenry they have little incentive on either side to compromise.
Let’s keep the discussion going. Call or email me, or write a comment below.
Other stories we’re following:
Cybercrime on the Rise. TRID Having an Effect on Jumbo MBS?
Finally Easier to get a Mortgage. Builder MSAs Here to Stay?