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?
