Signs of a Strong Housing Market Still to Come in 2020

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New home sales were at their best since 2007 in this year’s report. According to the Commerce Department data, building permits have had the biggest increase in 12 years. The National Association of Realtors reported a 6.2% increase in prices of existing homes nationwide.

National Association of Homebuilders CEO Jerry Howard supports that the housing market is strong and will continue to stay strong in the new year. He advises there is no evidence of recession.

“I’ve been all over the country and builders are really, really gung-ho,” said Howard.

There are many supporting factors that indicate a strong market. Mortgage rates remain around 3.66% with solid lending trends. Mortgage originations are expected to hit over $2 trillion, the best year since 2007. The Federal Reserve has been cutting rates this year and the central bank has reduced rates a total of three times since July 2019.

Redfin CEO Glenn Kelman agrees with the data’s findings. “The Fed is going to keep rates low, the mortgage markets have priced that in, and that’s going to keep demand strong,” says Kelman.

This is good news after Benn Steil and Benjamin Della Rocca of the nonpartisan think tank Council on Foreign Relations predicted a recession before the Election in 2020. Data collected shows an exact opposite of their prediction and will continue to push for a strong economy in days to come.

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Accelerated Home Prices Reported in September

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The S&P CoreLogic Case-Shiller U.S. National Home Price Index reports a rise in the home prices across the nation from a 3.1% gain in August to a 3.2% annual gain in September 2019.

With low mortgage rates and the largest generation aging into the prime home-buying years, the housing market is solid and should stay strong going forward into 2020. Mortgage rates on the 30-year fixed has remained around 3.6% to 4% since June 2019. The housing market is at a critical low in the supply of homes for sale bumping up house prices.

Although the 10-City Composite annual did not increase from 1.5%, the 20-City Composite rose to 2.1% annually in September 2019. Home prices rose the most in the Sun Belt.

The cities which saw the highest annual gains in the 20-City Composite were Phoenix, Arizona with a 6.0% increase, Charlotte, North Carolina with a 4.6% increase and Tampa, Florida with a 4.5% increase.

“After a long period of decelerating price increases, it’s notable that in September both the national and 20-city composite indices rose at a higher rate than in August, while the 10-city index’s September rise matched its August performance,” Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, wrote in a release. “It is, of course, too soon to say whether this month marks an end to the deceleration or is merely a pause in the longer-term trend.”

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The Housing Market Hits a Three Year High

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NAHB/Wells Fargo Housing Opportunity Index (HOI)’s report released this November 2019 was good news for the housing industry. Housing affordability reached its highest in three years in the third quarter of 2019.

Those involved in the industry say the high is a result of the three-year low mortgage rates and the vigorous job market. “With mortgage rates at historic lows, consumers are experiencing greater buying power and increased affordability,” said NAHB Chairman Greg Ugalde, a home builder and developer from Torrington, Conn.

The third-quarter report keeps the national median home price at $280,000 with mortgage rates falling from 4.07% to 3.37% which positioned the rates at the three-year low.

As for each of the housing markets throughout the nations, both large and small, data varied for the third quarter. Scranton-Wilkes-Barre-Hazleton, Pennsylvania, was the nation’s most affordable major housing market where 89.3% of new and existing homes that were sold to median income families. The most affordable smaller market was Monroe, Michigan where median income families purchased 95.3% of homes on the market. The least affordable housing market in the country was San Francisco ranking at just 8.4% of median income families purchasing homes. The smaller housing markets with least affordability all came in from California including Los Angeles-Long Beach-Glendale, Anaheim-Santa Ana-Irvine, San Jose-Sunnyvale-Santa Clara, and San Diego-Carlsbad.

The top five for most affordable were ranked as follows. The top five major housing markets with the most affordable housing were Scranton-Wilkes-Barre-Hazleton, Pennsylvania, Indianapolis-Carmel-Anderson, Indiana, Youngstown-Warren-Boardman, Ohio-Pennsylvania, Syracuse, New York and Harrisburg-Carlisle, Pennsylvania. The smaller most affordable housing markets were Monroe, Michigan, Cumberland, Maryland-West Virginia.; Davenport-Moline-Rock Island, Iowa-Illionis; Kokomo, Indiana, and Elizabethtown-Fort Knox, Kentucky.

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Pyre Provisions to Open in Covington

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Covington residents have a new restaurant featuring a menu that focuses on the smoker and grill. This week, Pyre Provisions will officially open its doors.

The new restaurant, located at 70437 Hwy 21 in Covington, will serve lunch Monday – Saturday, dinner Tuesday – Saturday and brunch on Sunday. Pyre Provisions is a steakhouse meets barbecue-style restaurant with a laid-back, family-style shared meals atmosphere.

A vast array of menu items are featured from brisket to Chinese-style pork ribs to hanger steak and grilled fish.

“When I look at this style of cooking, it’s not just the barbecue of the United States,” owner and chef Jeff Mattia said in an earlier interview explaining his intent for Pyre Provisions. “They’re doing barbecue in India, they’re doing it in Argentina, they’re doing it all over the place. We’re going to get creative here.”

Chef Jeff Mattia is a well-known chef from New Orleans who is the former chef for Bacobar close to downtown Covington. Mattia and his crew use a smoker in the back of the restaurant and a grill located in the kitchen. Although this is a laid-back family-style restaurant, Mattia does add his culinary techniques from his career in fine dining.

Mattia’s resume includes chef de cuisine at celebrity chef Tom Colicchio’s Craftsteak in Connecticut, executive sous chef at Restaurant August in New Orleans, executive chef at the American Sector in New Orleans, chef at Hyatt Regency New Orleans and the Royal Sonesta New Orleans. Along with his extensive background, he is also a pit master for Hogs for the Cause (a charity cook off team formed with fellow military veterans).

“This is about being into barbecue, embracing Southern cuisine, adding the precision for the restaurants I’ve been a part of,” he said. “We’re putting it all together with the idea of passing dishes around the table, like sitting at the Italian table I grew up with.”

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Grocery Shop From Your Home

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Amazon took shopping to a whole new level by introducing the consumer to shopping online with one-day delivery. Grocery stores are now getting on to the bandwagon. Winn-Dixie is now offering online ordering and grocery delivery from the Covington, Mandeville, New Orleans, Slidell, Westbank, and other New Orleans metro area locations.

The regional grocery chain (part of Southeastern Grocers) will be partnering with on-demand grocery delivery providers. All items that are offered on the online delivery service will be the same price as in-store. Products include grocery and household products such as fresh produce, meat and seafood, health and beauty goods, pet products, and consumable baby items.

“We are always looking for additional opportunities to meet the evolving needs of our customers in each community we serve,” said Andrew Nadin, executive VP and chief customer officer, Southeastern Grocers. “As we embrace digital advancements, we are excited to expand our e-commence partnerships to offer added conveniences for Louisiana shoppers. Partnering with marketplace leaders will provide our customers with simple options for the same quality products and value, which will help make their lives a little easier.”

Although there is a Winn-Dixie just 5 miles from Bedico Creek, residents now have the option for grocery delivery.

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