September U.S. House Prices Top Peak Set in 2006

Nov. 29, 2016

U.S. home prices in September surpassed their peak set in July 2006 at the height of the housing boom, with the S&P CoreLogic Case-Shiller Indices’ National Index reporting a 5.5% annual gain. The index’s 10-City Composite saw a 4.3% annual increase in September, while the 20-City Composite had a 5.1% annual gain.

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Illinois Appellate Court Affirms Decision to Dismiss Mechanic’s Lien Claim

Nov. 23, 2016

A recent decision by the Appellate Court of Illinois, Second Judicial District, is likely bad news for suppliers and subcontractors in the state, as it may erode the mechanic’s lien act protections for work on commercial projects that involves property improvement subject to an easement and title retention agreement.

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New Single-family House Sales Drop across the Country in October

Nov. 23, 2016

New single-family house sales in the U.S. dropped in October from the prior month, but sales still remain in positive territory from a year before.According to the latest estimates from the U.S. Department of Commerce, new single-family house sales fell 1.9% below September’s revised rate of 574,000, but are 17.8% above October 2015’s numbers. The median price for a new single-family house in October was $304,500, while the average price was $354,900.

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Existing-Home Sales Jumped in October

Nov. 22, 2016

Existing-home sales were on a tear in October, increasing for the second consecutive month and in all major regions on a monthly and year-over-year basis, according to the National Association of Realtors (NAR).

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Builders and Developers in Apartment, Condo Markets Saw Improving Conditions in Third Quarter

Nov. 21, 2016

Builder and developer confidence in the U.S. apartment and condominium market rose in the third quarter, according to the latest reading of the National Association of Home Builders’ (NAHB) Multifamily Production Index (MPI).

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PA Construction Notice Directory Going Live at Year End, but with Little Testing

Nov. 21, 2016

Pennsylvania’s State Construction Notices Directory remains slated to go live on Dec. 31. The directory is intended to improve contractor and subcontractor access to public records and resources as well as revamp the process of giving lien notice to avoid confusion and problems, such as accidental double payments. A lack of prelaunch testing, however, is cause for worry that it will be a bumpy rollout.

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Property Markets Are Sound, though Supply/Demand Imbalances Linger in Some Hotel Markets

Nov. 11, 2016

Fundamentals in the U.S. property markets improved in the second quarter, while high levels of construction in four major hotel sector markets since 2014 have led to supply/demand imbalances, according to new Moody’s Investors Service analysis.

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New Jersey Court Rejection of Lien Claim Shows Need for Strictly Following Deadlines

Nov. 11, 2016

A New Jersey Appellate Division court recently decided against a supplier seeking to enforce its construction lien claim that it filed past the statutory deadline based on mitigating circumstances.

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Housing Affordability Drops Slightly in Third Quarter

Nov. 10, 2016

Housing prices rose and affordability declined a bit in the third quarter, topping a slight decline in mortgage interest rates, according to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).

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Construction Industry Tallies Job Gains for October

Nov. 7, 2016

Overall, the construction industry gained 11,000 new jobs in October, aided in part by a bump from nonresidential specialty trade contractors.Employment grew 0.2% from the month prior and 3% year-over-year, according to the U.S. Bureau of Labor Statistics and Associated Builders and Contractors (ABC). Nonresidential construction saw 3,300 new jobs in October and 56,000 from the year prior.

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