75% of Baby Boomers Unready to Age in Their Homes

by ,

HomeAdvisor reports a lack of investment in aging-related improvements.

HomeAdvisor was out Monday with its annual report on Aging in Place. What it found is not surprising: many baby boomers do not think of themselves as old and pay little heed to the notion of aging, wherever that may happen. But there is good reason for them to do so, and builders can play a role in informing them. It’s good business, because, as bank-robber Willie Sutton once said, that’s where the money is.

Among the key findings of the report:
Baby Boomers Hesitant to Invest in Aging-Related Home Upgrades
With 61% of homeowners over the age of 55 planning to stay in their homes indefinitely, it’s surprising that few older homeowners are investing in aging-related improvements. In fact, 65% believe their home’s layout is adequate without any aging-related improvement, and over three-quarters of homeowners (78%) have never completed an aging-related renovation.


Older Homeowners Want to Thrive in Place, Not Age
There is a disconnect between the perception of aging in place—adding grab bars and installing wheelchair ramps—and the reality: that many design features can enhance the livability of a home for all ages. Among homeowners who’ve never considered an aging-in-place renovation, 40% say it’s because they don’t have a physical disability that requires it; 20% say they don’t consider themselves old enough yet for such a project.

Smart Home Technology Increases Safety and Livability
Smart home technology can provide solutions for homeowners looking to increase their safety, accessibility and easy of living. Two-thirds (67%) of homeowners over age 55 believe smart-home technology could help them age in place, yet fewer than 1 in 5 (19%) have actually considered installing it for such purposes.

NCHBECF Hurricane Matthew Disaster Relief Fund Established

by ,

The North Carolina Home Builders Educational & Charitable Foundation’s (NCHBECF) Board of Trustees on Friday approved the establishment of the Hurricane Matthew Disaster Relief Fund to raise money to benefit NCHBA members and their families affected by the storm, which has ravaged eastern North Carolina. An allocation of $20,000 was made by the Board to kick off this fundraising campaign.


“For many of our members, the recovery is just beginning,” said Mike Carpenter, NCHBA Executive Vice President. “There’s a long road ahead, and we want to be able to help. We’re pleased to announce this $20,000 contribution to ‘prime the pump’ to provide assistance to our members who’ve been hardest hit by the massive flooding.”

“We anticipate surveying our affected locals to identify needs once the flood waters recede,” Carpenter added. “Once that is done, our NCHBECF Board of Directors will develop a game plan. In the meantime, we encourage our members to be generous in their contributions so that we have sufficient resources to be effective.”

Contributions to the Relief Fund may be made by check at this time. Checks should be made payable to the “NCHBA Educational & Charitable Foundation, Inc.” On the memo line, please specify the Hurricane Matthew Disaster Relief Fund. Checks should be mailed to the North Carolina Home Builders Association, PO Box 99090, Raleigh, NC 27624. Contributions to the North Carolina Home Builders Educational & Charitable Foundation, Inc. are fully tax deductible.

Homeownership and Education: Highly Educated Households Are Not Immune to Homeownership Declines

by ,

Homeownership and Education: Highly Educated Households Are Not Immune to Homeownership Declines

Frisco, Texas has the largest homeownership gap between education levels

Chef Ashley Christensen – Author Event

by ,

Chef Ashley Christensen – Author Event

Tuesday, October 25 at 7:00 p.m.
Hunt Library, Auditorium

pictureAshley Christensen, acclaimed chef and restaurateur (and NC State alumna), visits the Hunt Library to discuss her debut cookbook, Poole’s: Recipes and Stories from a Modern Diner. Christensen will be interviewed on stage by NC State’s Dr. Cat Warren, who was Christensen’s former English professor. They will talk about recipes from the book, Christensen’s commitment to the revitalization of downtown Raleigh, and her philosophy of building community through the shared experience of food.

The event is free and open to the public, but registration is required. Click here to register.

The cookbook Poole’s: Recipes and Stories from a Modern Diner will be available on-site for purchase from Quail Ridge Books.

This event is co-presented by the NCSU Libraries and the NC State Alumni Association.

Delivering expanded perspective on housing economies and property markets.

by ,

Distressed Sales Update: June 2016

Distressed Sales Accounted for 8 Percent of Homes Sold Nationally in June 2016

Molly Boesel    |    Housing Trends


  • Of total sales in June 2016, distressed sales accounted for 7.8 percent and real estate-owned (REO) sales accounted for 4.9 percent
  • The REO sales share was 23 percentage points below its peak of 27.9 percent in January 2009
  • Distressed sales shares fell in most states, including the oil markets

Distressed sales, which include REO and short sales, accounted for 7.8 percent of total home sales nationally in June 2016, down 2.2 percentage points from June 2015 and down 0.8 percentage points from May 2016.

Within the distressed category, REO sales accounted for 4.9 percent and short sales accounted for 2.9 percent of total home sales in June 2016. The REO sales share was 1.9 percentage points below the June 2015 share and is the lowest for any month since September 2007. At its peak in January 2009, distressed sales totaled 32.4 percent of all sales with REO sales representing 27.9 percent of that share. While distressed sales play an important role in clearing the housing market of foreclosed properties, they sell at a discount to non-distressed sales, and when the share of distressed sales is high, it can pull down the prices of non-distressed sales. There will always be some level of distress in the housing market, and by comparison, the pre-crisis share of distressed sales was traditionally about 2 percent. If the current year-over-year decrease in the distressed sales share continues, it will reach that “normal” 2-percent mark in mid-2019.

Only eight states recorded increases in their distressed sales shares in June 2016 compared with a year earlier. Maryland had the largest share of distressed sales of any state at 19.4 percent[1] in June 2016, followed by Connecticut (18.4 percent), Michigan (17.6 percent), Illinois (15.8 percent) and New Jersey (15.3 percent). North Dakota had the smallest distressed sales share at 2.5 percent. Oil states continued to see year-over-year declines in their distressed sales shares in June 2016. Texas saw a 1.2 percentage point decrease, Oklahoma saw a 0.5 percent decrease and North Dakota saw a 0.1 percentage point decrease. Florida had a 5.8 percentage point drop in its distressed sales share from a year earlier, the largest decline of any state. California had the largest improvement of any state from its peak distressed sales share, falling 60.6 percentage points from its January 2009 peak of 67.5 percent. While some states stand out as having high distressed sales shares, only North Dakota and the District of Columbia are close to their pre-crisis levels (each within one percentage point).

Of the 25 largest Core Based Statistical Areas (CBSAs) based on mortgage loan count, Baltimore-Columbia-Towson, Md. had the largest share of distressed sales at 19.1 percent, followed by Chicago-Naperville-Arlington Heights, Ill. (17.7 percent), Tampa-St. Petersburg-Clearwater, Fla. (16.6 percent), Orlando-Kissimmee-Sanford, Fla. (15.4 percent) and St Louis, Mo. (13.2 percent). Denver-Aurora-Lakewood, Colo. had the smallest distressed sales share at 2.4 percent among this same group of the country’s largest CBSAs. Two of the largest 25 CBSAs had year-over-year increases in their distressed sales share: Nassau County-Suffolk County, N.Y. was up by 1.3 percentage points and New York-Jersey City-White Plains, N.Y. was up by 0.1 percentage points. Orlando-Kissimmee-Sanford, Fla. had the largest year-over-year drop in its distressed sales share, declining by 8.6 percentage points from 24 percent in June 2015 to 15.4 percent in June 2016. Riverside-San Bernardino-Ontario, Calif. had the largest overall improvement in its distressed sales share from its peak value, dropping from 76.5 percent in February 2009 to 9.4 percent in June 2016.

1 The distressed sales share for states and CBSAs was calculated using sales from the past 12 months.

© 2016 CoreLogic, Inc. All rights reserved.


by ,


Closings of new homes fell year-over-year in June in the Raleigh, NC market, a move downward following a surge in May 2016. Closings sank 6.8% from a year earlier to 566. This came on the heels of a 14.9% climb year-over-year in May.

A total of 6,413 new homes were sold during the 12 months that ended in June, down from 6,454 for the year that ended in May.

Of the total number of closings, new home closings made up 19.9%. They made up 20.8% of closings a year earlier. Following a year-over-year rise in May, closings of new and existing homes dropped year-over-year in June.

Pricing and Mortgage Trends

The average price of newly sold homes climbed year-over-year 8.9% in June to $347,723 per unit. This surge is better than the 6.0% hike in May year-over-year.

Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 6.1% lift year-over-year to $280,819 in June. In May 2016, average mortgage size on newly sold homes saw a 1.9% rise year-over-year from a year earlier.

Other Market Trends

Closings of attached units, as a percentage of new home closings, have grown from last year while closings of single-family homes have slumped. The share of new home closings belonging to attached units gained from 23.7% of closings in June 2015 to 27.0% of closings in June 2016. Conversely, the share belonging to single-family homes fell to 73.0% of closings from 76.3% of closings.

The average unit size of newly sold homes jumped 17.2% year-over-year to 3,114 square feet in June 2016. An increase in both the average size and price of newly sold homes was also seen in May 2016 when the average size gained 13.5% to 3,037 square feet. In May, the average size of new homes sold went from 2,675 square feet a year earlier to 3,037 square feet.


Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 7.8% of existing closings, lower than 10.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.9% in June from 5.7% a year earlier and REO closings moved from 4.8% of existing home closings in June 2015 to 3.9% in June 2016.



Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Raleigh, NC area.

The Fall HBA Tournament will be on Monday, October 24 at Devil’s Ridge Country Club in Holly Springs, N.C.

by ,

Only a few team spots remain, however the golf tournament is a great way to promote your company through simple and easy recognition!

Sponsor a raffle prize for $100 or talk to golfers on the course with a tee box sponsorship.

Looking for something more unique?  The event sponsorship for this event is still open.
Sign up today to advertise your company name to HBA members!

Lara P. Wilson
Home Builders Association of Raleigh – Wake County
5580 Centerview Drive, Suite 115
Raleigh, NC 27606-3390
p. 919.233.2033
d. 919.232.5881


by ,

No matter the economic climate, a college education remains the mainstream path for many Americans looking to climb up the social ladder and achieve the American dream. According to the National Center for Education Statistics, some 20.5 million students are expected to attend American colleges and universities this fall, and the cohort is undeniably a huge driver for the economy, especially on the local level.

A Brookings study finds that an over a lifetime, the average bachelor’s degree holder contributes $278,000 more to local economies than the average high school graduate through direct spending. Meanwhile, a number of employers are drawn to certain locations to take advantage of talents from local colleges, (as explained in this New York Times story that Uber tested in Pittsburgh in light of Carnegie Mellon University). Similarly, housing markets in many college towns largely benefit from the presence of big higher-education institutions as well. Increasing demand and ever-rising home prices have attracted many builders and developers to break ground in college towns. Many parents also find it alluring to buy homesfor their students to live in, and then sell at a profit after graduation. A Coldwell Banker survey found that more than one-third of agents across the country are seeing more buyers looking to purchase properties for their children than in previous years. In short, the building in a college town can be a lucrative business builders can’t afford to neglect.


Start a conversation with Hanley Wood’s Data Studio team on Twitter @omalle89 @dianzhang_


by ,

As of July 2016, thirty-nine states, plus the District of Columbia, have seen rising construction employment growth rates, as of July 2016, according to a National Association of Home Builders analysis. The highest growth rates were reported from Iowa (16.52%), Hawaii (12.89%), Idaho (12.63%) and Colorado (10.88%), all scoring far above the national average growth rate of 4.55%.

Eleven states have reported construction job losses over the past year. North Dakota,Wyoming, and Kansas, which are large oil and energy-producing states, saw the greatest losses.

All but six states have also reported a gain in state-level employment, year over year. The states with the highest gains were Idaho, Oregon, and Florida.

Penalties for OSHA Fines Will Increase Aug. 1

by ,

On Aug. 1, monetary penalties issued by the Occupational Safety and Health Administration (OSHA) for regulation infractions are slated to rise by up to 150% depending on the type of violation.

Last fall, the president signed a budget bill that allowed the agency to enact a catch-up adjustment and raise fines annually in line with the Consumer Price Index (CPI).

This marks the first time in 25 years that OSHA fines have gone up. Previously, OSHA was one of few federal agencies with civil penalties that do not increase with inflation.

OSHA Chart

OSHA intends to provide guidance on the implementation of the new penalties by Aug. 1. Additionally, to address the impact they may have on small businesses, the agency plans to continue providing penalty reductions based on employer size and other factors.

States that operate their own Occupational Safety and Health Plans are required to adopt maximum penalty levels that are at least as effective as federal OSHA’s.

For more information about the budget deal or OSHA provision, please contact Alex Strong orRob Matuga.