Today’s News Synopsis:

There was little to no activity for construction jobs in June with the unemployment rate decreasing to its lowest in 16 years.  Clear Capital believes the South will see the biggest growth for the housing market.  Despite mortgage rates being at their lowest on record, several people are still finding it hard to obtain a mortgage.

In The News:

Construction Dive – “ABC files legal challenge to OSHA ‘anti-retaliation’ rule” (7-11-16)

“The Associated Builders and Contractors, along with other industry organizations, filed a legal challenge to block the August implementation of “anti-retaliation” provisions in OSHA’s new electronic record keeping rule.”

DS News – “Senators Probing Effectiveness of FHFA’s Watchdog” (7-11-16)

“U.S. Sen. Chuck Grassley (R-Iowa), Chairman of the Senate Judiciary Committee, and Sen. Ron Johnson (R-Wisconsin), Chairman of the Homeland Security and Government Affairs Committee, want more information from the Federal Housing Finance Agency’s Office of the Inspector General (FHFA OIG) on the OIG’s finances, hiring and firing practices, and organizational chart changes.”

Mortgage Professional America – “Morning Briefing: South expected to dominate housing growth, Northeast concerns” (7-11-16)

“The South is set to be the frontrunner in housing market growth for the rest of 2016 according to new data from Clear Capital.  The real estate valuer’s adjusted market report predicts that the impact of the spring buying season has been limited nationally, with quarter-over-quarter growth of 0.6 per cent and regional growth of 0.2 per cent in the West, 0.8 per cent in the South and 0.3 per cent in the Midwest.”

Construction Dive – “Construction employment stagnant in June as unemployment rate falls to 16-year low” (7-11-16)

“Construction employment remained unchanged at 6,643,000 from May to June but was up 3.4% (217,000) year over year, according to an analysis of U.S. Bureau of Labor Statistics data by the Associated General Contractors of America.”

Housing Wire – “Record low interest rates?  Ha!  It’s still getting harder to get a mortgage” (7-11-16)

“Mortgage interest rates are nearing all-time record lows and mortgage applications are up dramatically, all thanks to the Brexit, but it looks like those figures may not lead to a huge jump in actual mortgages being taken out, because it’s still getting harder to get a mortgage.”

Bloomberg – “One Big Small Bank Reason to Worry About U.S. Commercial Real Estate” (7-11-16)

“Banks burned by soured home loans in the aftermath of the housing bust and subsequent financial crisis found a quick replacement: mortgages secured by commercial properties ranging from malls to offices.”

Construction Dive – “Commercial, institutional sectors drive 11% surge in Dodge Momentum Index” (7-11-16)

“The Dodge Momentum Index surged 11.2% in June to 134.4, a significant rise from its upwardly adjusted May number of 120.8, due to increases in both institutional (14.6%) and commercial (7.7%) planning.”

 

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with LAREIC on Tuesday, July 12.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with Pasadena FIBI on Thursday, July 21.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with InvestClub for Women on Wednesday, September 21.

Image copyright source: www.flickr.com/photos/s8an