EconUpdate by P. Duffy
Consumer sentiment rebounds 4.2 percent from May and 10.6 percent year-on-year
What does this mean? Although inflation remains a concern, consumers are expecting future interest rate hikes to address it.
Consumer sentiment rose in early June, recouping two-thirds of May’s loss. The early June gain was mainly among middle and upper income households and for future economic prospects rather than current conditions. Rising inflation remained a top concern of consumers, although the expected rate of inflation declined in early June.
Single-family permits up 35.6 percent through first four months of 2021 vs. 2020
What does this mean? Robust demand for new housing also sent up multi-family permits by 28.0 percent.
Over the four months of 2021, the total number of single-family permits issued year-to-date (YTD) nationwide reached 384,196, up 35.6 percent year-on-year. The relatively more affordable Midwest reported the strongest increase of 49.8%, followed by the Northeast (+48.6%), the West (+37.7%), and the South (30.9%). Year-to-date ending in April 2021, the total number of multifamily permits issued nationwide reached 183,248, up 28.0% year-on-year, led by the Northeast (+45.8%) followed by the South (+27.7%), West (+24.4%) and the Midwest (+18.4%).
Real estate coalition including NAHB, NAR and MBA urges end to federal eviction moratorium by end of June
What does this mean? Rising vaccination levels and an improving economy have removed the need for a broad-based, national eviction ban.
A broad real estate coalition applauded the measures which have been taken to stabilize the housing sector and, in a joint letter to President Biden, urged the administration to sunset the federal moratorium on evictions on June 30, 2021. The coalition is committed to working in partnership with policymakers at all levels to deliver housing assistance to renters while concluding the nationwide eviction moratorium at the end of June.