U.S. Housing Market Index Climbs To New Record High In October

Homebuilder confidence in the U.S. climbed to another new record high in the month of October, according to a report released by the National Association of Home Builders on Monday.

The report said the NAHB/Wells Fargo Housing Market Index rose to 85 in October from 83 in September. Economists had expected the index to come in unchanged.

“Traffic remains high and record-low interest rates are keeping demand strong as the concept of ‘home’ has taken on renewed importance for work, study and other purposes in the Covid era,” said NAHB Chairman Chuck Fowke.

He added, “However, it is becoming increasingly challenging to build affordable homes as shortages of lots, labor, lumber and other key building materials are lengthening construction times.”

The unexpected increase by the housing market index came as all the HMI indices posted or matched their highest readings ever.

The index gauging current sales conditions rose two points to 90, the component measuring sales expectations in the next six months increased three points to 88 and the measure charting traffic of prospective buyers held steady at 74.

On Tuesday, the Commerce Department is scheduled to release its report on new residential construction in the month of September.

Beware phoney COVID marshals trying to get into your home – The Crusader

We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.

Official marshals, called COVID-19 secure marshals, do not have the power to enforce social distancing, issue fines, or the right to enter homes. Katherine Hart, the Chartered Trading Institute’s lead officer for doorstep crime, said: “Since March we have seen so many different instances of fraudsters using the pandemic as an opportunity to defraud the public. These scams are shifting in their theme as the rules and regulations change with individuals now pretending to be COVID-19 secure marshals.

“COVID-19 secure marshals will never come to your door unannounced and do not have the right of entry, or the right to issue fines. This type of scam appears in many forms, and I have also received information about individuals pretending to offer flu vaccinations on the door – a concerning development as we enter flu season.”

“I am particularly concerned that elderly and vulnerable individuals may be at risk to this scam. I ask the public and public authorities to spread the correct safeguarding information so that we can stop these unscrupulous individuals from ruining the lives of those already struggling during this challenging time.”

US wrote the pandemic playbook, then ignored it

The United States spent 15 years preparing for the coronavirus. The New York Times asks: “Why did the country handle it so badly?” 

Sign up for our daily updates here and get the latest news delivered to your inbox.

Get The Straits Times app and receive breaking news alerts and more. Download from the Apple App Store or Google Play Store now.

Bechtle Q3 Preliminary EBT Rises More Than 20%

Bechtle AG (BC8G) reported that its preliminary third-quarter earnings before taxes or EBT rose more than 20% to 70 million euros from 57.0 million euros in the previous year.

Quarterly revenue was 1.37 billion euros, an increase of about 7% from the prior year’s 1.28 billion euros.

The EBT margin grew is expected to exceed 5% in third-quarter.

The company said it will publish its third-quarter results on 11 November 2020.

September new home sales fall 3.5%, after strong summer season

‘Almost impossible’ to build homes in some areas: NAHB CEO

National Association of Home Builders President and CEO Jerry Howard argues his industry is doing very well despite dealing with high material costs and labor shortages.

CHARLOTTE, N.C. — Sales of new homes fell by 3.5% in September to a seasonally-adjusted annual rate of 959,000 million units, the Commerce Department said Monday, as the housing market's summer buying season came to a close.

Continue Reading Below

The Commerce Department said Monday that despite the modest decrease, sales of new homes are up 32.1% from a year earlier, as the housing market remains strong despite the pandemic.

EXISTING-HOME SALES SOAR 9.4% IN SEPTEMBER, MARKING FOURTH CONSECUTIVE MONTH OF GROWTH

The housing market, like most of the economy, came to a near standstill in March and in April, causing the typical spring summer buying season to be delayed until the summer.

LUXURY REAL ESTATE SALES CONTINUE TO SURGE DURING PANDEMIC

Once economies reopened, pent up demand translated into sales of both new and existing homes, driving home prices in many places to record highs. In July, home sales spiked 13.9%.

New home sales for August were revised downward to 994,000 from a previously reported 1.01 million units.

The median price of a new home sold was $326,800, according to the Commerce Department.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Stock Alert: Social Capital Hedosophia Down 6%

Shares of Social Capital Hedosophia Holdings Corp. II (IPOB), a publicly traded special purpose acquisition company, are losing more than 6 percent or $1.23 in Monday’s morning trade at $18.21, despite no company-centric news.

U.S. stocks opened lower on Monday amid concerns about a surge in new coronavirus cases and continued uncertainty about lawmakers’ ability to reach an agreement on a new stimulus bill.

In mid-September, Opendoor Labs Inc., a San Francisco-based digital platform for residential real estate, said it entered into a definitive business combination agreement with Social Capital Hedosophia to become publicly traded. The business combination values Opendoor at an enterprise value of $4.8 billion.

Social Capital Hedosophia has traded in a range of $10.55 to $27.00 in the past 52 weeks.