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Work Less, Fish More
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At last week's BATC Fishing Tournament, work and play went hand in hand. Forty anglers, and 20 boats, set out on beautiful Lake Mille Lacs to compete for cash prizes at the Walleye Invitational.
The winners included:
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1st Place
Chris Brandl with Brandl Anderson Homes, Inc. and Tim Carlson with Gonyea Homes, Inc.
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2nd Place
Ty Brunn and Jason Coonradt with Mega Homes
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2013 Legislative Wrap
Look for our in-depth 2013 Legislative Wrap in the July Builders' Digest and online by June 20th.
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A Conversation with BATC’s Beltway Economist
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Part 3: Homeownership and a Look Ahead
BATC: What are your thoughts regarding the speculation that the market is changed in terms of the desire to own homes.
EE: Let's remember homeownership rates nationally were in the low 60s for decades, before the run-up when they hit 67% at their peak. The extra 3-4 point rise was because of poor lending standards. So we are going back to where we were; we'll be at 63-64% homeownership rate.
BATC: How does Generation Y fit into this discussion?
EE: Generation Y is going to have a little more difficult time getting a house than other generations. They have more student debt and they are graduating into a weaker housing market. Their income growth over their careers will be somewhat stymied because their first job won't be as good. Research shows that it can take 20 years to compensate for that early low wage history. They are delaying marriage, going to school longer - all of this as the margin slows down the homebuying process. However, there is still strong desire to be a homeowner. I don't see a dramatic change in our psyche as a country, or people saying that they don't want to own.
BATC: What do you see ahead for housing in our economy?
EE: Housing is doing well. Manufacturing is slowing down. Also, on the plus side, interest rates are going to stay very low. Inflation is exceptionally benign. On one hand that's very good, on the other hand you'd likely see inflation go up as it would suggest that the economy is getting better. But we're not seeing it. The situation that we are in now will be sustained for the foreseeable future. Housing will be the major new driver of the economy. We are in the right spot right now. Yes, the economy is not growing as fast as we'd like, but now housing is taking center stage and will grow faster than the economy.
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Download the Hot Sheet
“The big decline in April housing production was mostly on the multifamily side, which recorded a similarly dramatic increase in the previous month. Meanwhile, overall permits for new construction surpassed the million-unit mark.”
- David Crow, NAHB National Economist
In this Issue:
- NAHB Builder Confidence Index
- MSP Residential Real Estate Index
- Twin Cities Building Activity
- Local & National Statistics
View the May Hot Sheet >>
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More Good News
Healthiest Metro Goes To...
Twin Cities Business - For the third year in a row, MSP is named the healthiest metro in the country by the Annual Fitness Index (AFI). "The study found that the Twin Cities was well above average in its percentage of citizens who are physically active and bicycle to work, and below average in its percentage of citizens with a heart condition or diabetes."
In a separate study by the United Health Foundation, Minnesota ranked as the healthiest state for seniors [read the article].
A Slow Resurrection for Housing?
McGraw Hill Construction - "The single family housing market turned the corner in 2012, and while the road to recovery will be bumpy, the path ahead is getting brighter. Four metrics that are typically used to measure the health of the housing market are registering positive for the first time since 2006. Foreclosures are retreating, home prices are rebounding, sales are climbing and the number of months of housing inventory for sale has fallen back to 2005 levels [keep reading].
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American Housing Preferences May Surprise You
The Urban Land Institute (ULI) set out to discover where America stands when it comes to views on housing, transportation and community in 2013. Their recently released study shows an interesting take on American housing preferences.
See the results here >>
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Advertising Well Spent
Your money is well spent when you advertise with the Parade of HomesSM and Remodelers Showcase®. Our Guidebooks are set to reach over 100,000 readers during the Fall 2013 tour.
Contact Kori Meewes at 612-801-9874 by July 2nd. View Ad Rates >>
Yes, we're still taking entries too, but hurry, time is running out. Contact Casey for details.
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Households Struggle to Rebuild Wealth
The Wall Street Journal reported that, when adjusted for inflation, Americans have recovered only 45% of wealth lost during the recession.
The article shows how early reports of strengthening households may not be very accurate. “Considering the uneven recovery of wealth across households, a conclusion that the financial damage of the crisis and recession largely has been repaired is not justified."
Read the full article here >>
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Support Oklahoma and Our Industry
HBA's around the country are showing their support for Oklahoma, and are helping contribute to the rebuilding of the homes and communities that were destroyed by the storm.
The BATC Executive Board is joining the cause by donating $5,000 to the Central Oklahoma Home Builders Association (COHBA) and the Home Builders Association of Greater Tulsa, which have been coordinating assistance efforts on behalf of the home building community.
Get more information on how you can contribute here >>
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