www.elpasobuilders.com Official Statement:
Statement from NAHB Chairman Granger MacDonald on Comments by Commerce Secretary Ross Regarding Canadian Lumber Tariffs
Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas, today responded to comments by Commerce Secretary Wilbur Ross regarding the imposition of tariffs on Canadian lumber imports. “NAHB respectfully disagrees with comments made by Commerce Secretary Ross that the tariffs on Canadian lumber imports into the U.S. will have little effect on the cost of housing. While Ross cannot cite specific consequences regarding this punitive tariff, we can. “If the 20 percent lumber duty remains in effect throughout 2017, NAHB estimates this will result in the loss of nearly $500 million in wages and salaries for U.S. workers, $350 million in taxes and other revenue for the governments in the U.S. and more than 8,200 full-time U.S. jobs. Lumber prices have already jumped 22 percent since the beginning of the year, largely in anticipation of new tariffs, adding nearly $3,600 to the price of a new single-family home. “Clearly, protectionist measures to prop up domestic lumber producers at the expense of millions of U.S. home buyers and lumber users is not the way to resolve the U.S.-Canada trade dispute or boost the U.S. economy. “As an industry that is on the front lines of this issue, NAHB would be happy to discuss this matter with the White House and seek solutions that will not harm housing affordability for millions of hard-working American families.”
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FIRST HOME SATURDAY
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National, State & Local Building Industry News 2017: Issue 4
BUILDERS A S S O C I AT I O N O F
NAHB: Lumber Duties Will Harm Consumers ‘Short sighted’ action jeopardizes afffordability
The National Association of Home Builders (NAHB) today denounced the decision by the U.S. Department of Commerce to impose a 20 percent countervailing duty on Canadian lumber imports, saying it will harm American home buyers, consumers and businesses while failing to resolve the underlying trade dispute between the two nations. “NAHB is deeply disappointed in this short-sighted action by the U.S. Department of Commerce that will ultimately do nothing to resolve issues causing the U.S.Canadian lumber trade dispute but will negatively harm American consumers and housing affordability,” said NAHB Chairman Granger MacDonald, a home builder and developer from Kerrville, Texas. Thirty-three percent of the lumber used in the U.S. last year was imported. The bulk of the
imported lumber – more than 95 percent – came from Canada. “This means that imports are essential for the construction of affordable new homes and to make improvements on existing homes,” said MacDonald. The trade agreement that has governed Canadian imports of softwood lumber since 2006 effectively expired at the end of 2016. Uncertainty surrounding a new trade pact is the primary catalyst for the 22 percent spike in the Random Lengths Composite Price Index for lumber since the beginning of the year. These price hikes have negative repercussions for millions of Americans. It takes about 15,000 board feet to build a typical single-family home and the lumber price increase in the first quarter of this year has added almost $3,600 to the price of a new home.
Make plans now to participate in First Home Saturday a home buying fair to be held at Bassett Place on June 10.
First Home Saturday is a highly promoted event is an ideal opportunity to identify first time home buyers and offer your services as they begin their search for a new home.
NAHB believes the best way to resolve this trade impasse and avoid these negative economic repercussions is to: • Urge the U.S. and Canada to work cooperatively to achieve a long-term, stable solution in lumber trade that provides for a consistent and fairly priced supply of lumber. • Increase domestic production by seeking higher targets for timber sales from publiclyowned lands and opening up additional federal forest lands for logging in an environmentally sustainable manner. • Reduce U.S. lumber exports. “Taking these steps to meet our nation’s lumber needs is essential because tariffs needlessly increase the volatility of the lumber markets, resulting in higher prices for U.S. home buyers and other consumers and businesses who use lumber,”
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EL PASO BUILDERS A S S O C I AT I O N O F
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Builders Outlook
STAY SAFE. CALL 811 BEFORE YOU DIG. If you have digging or excavation work to do, remember to call 811 at least two business days in advance. Natural gas and other utility lines may be buried beneath the surface. By calling 811, utility crews can mark locations of underground lines at no charge. The markings are done in paint and will eventually wash away. Marking line locations can help prevent you from accidentally damaging a natural gas line or another utility line. Always call 811 before you dig. It can help keep you and your construction crew safe, and failing to do so can result in a fine.* Please continue to direct service line and meter set requests to the Texas Gas Service Builder Hotline at slimgas-metroElPaso@onegas.com or 1-866-206-9587. * Texas Utilities Code 251.201 Civil Penalties
2017 Issue 4
2017 Issue 4
President’s Message
Why should I join the El Paso Association of Builders?
Builders Outlook Don Rassette
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President, El Paso Association of Builders
Why should I join the El Paso Association of Builders? Why should I belong to my professional organization? What’s in it for myself or my company? What value does my company or myself, get from being a member? Good question, right? Well from NAHB, we are eligible for Member Advantages. This includes programs/discounts from: Houzz, General Motors, FCA US LLC (Chrysler/Jeep), UPS, Geico, 2-10 Home Buyers Warranty, TSYS, Dell, APP, Hertz, Avis, Budget, Office Depot, G& K Services, Omaha Steaks, Trip Best, Wyndham Hotel Group, FTD. For details go to www.nahb.org/ma. Using just some of these could pay for your membership and help your bottom line. From TAB, we also have some membership benefits. At the state level this includes: Residential Contract Packages, Model Construction Safety Programs, Jobsite Safety Standards Packages, Product Depot,
Endorsed Insurance Program, Member Rebate Program, Member’s Choice Health Insurance, Employee Benefits Marketplace, National Purchasing Partners and some suppliers who if used, donate back to arms of our associations. As above, using the benefits could help your bottom line and streamline some of your business processes. Locally, the benefits are not always as programs or direct benefits, but there are advantages. One huge program that we have that others are looking at, is our Retirement Plan with Ruth Rivera, from Bukaty. Are you or your company prepared for what is ahead? A great example of an advantage of being a member is last year’s update to the Energy Code. Multiple training sessions/educational seminars were held and led by our association, even to non-members. Everyone had opportunities to be prepared well before the effective date of September 1, 2016.
Another example of how the association is working on your behalf are the recent meetings and discussions with the City of El Paso Building Department on wall heights, wind loads, and material usage to insure conformity to the new codes. After much discussion, the City did flex some and beginning tables were amended. Did we get concessions to do business as has been done in the last 20 years? Of course not. Did we agree to changes that were made and which were better than first proposed? Of course we did. We worked together with the City. This is a huge benefit. To me, it is not so much what membership does for my company, but now what can I do to help the different levels do even more. How about you, what are you doing to enhance our El Paso Association of Builders? LET’S PREPARE TO SUCCEED
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Executive’s Message Ray Adauto, Executive Vice President EPAB
Home building is booming, but there are some hurdles we need to consider. As pointed out over the last few months homebuilding is at levels not seen for several years. That’s good because everyone is busy. What happens to housing is good for the health of the American economy overall as jobs are created and the money from those jobs goes round and round. Sounds good and all but there’s a monkey wrench in here, one that could severely impact housing, and even car and truck dealers. I’m talking automobile subprime lending. The era of “easy” credit for housing has been gone for some time as mortgage lenders tightened their lending. Yet for other credit ventures such as auto loans the opposite has been the trend. Vehicle loans are at an all-time high and unfortunately so is subprime or risky loan lending over the last couple of years. Reports show that the size of this market is larger than you may imagine. Earlier this year auto loans surpassed the one trillion dollar mark for the first time ever. Americans are borrowing more than ever for new and used vehicles, and 30- and 60-day delinquency rates rose in the second quarter, according to the
Builders Outlook
2017 Issue 4
Driving the economy into a bubble
automotive arm of one of the nation’s largest credit bureaus. The total balance of all outstanding auto loans reached $1.027 trillion between April 1 and June 30, 2016 the second consecutive quarter that it surpassed the $1-trillion mark, reports Experian Automotive. The average size of an auto loan is also at a record high touching the $30,000 mark. More consumers are also leasing with about 31% of all auto/truck loans in that category. The increase in leasing could have repercussions in the next two to five years. As more of those leased vehicles are returned it will tend to depress the price at which they sell at auctions. Both 30- and 60day loan delinquencies are up but the combined subprime and deepsubprime share of new and used auto loans and leases dropped from 23.3% in the second quarter of 2015 to 22.8% in second quarter of 2016. For the housing market this information has a dark cloud. Consumers finding it easier to get a vehicle also may also be unable to qualify for a new home loan. That could lead to higher numbers of available new home in inventory which could then extend a credit crunch on smaller builders who need financing to build. Such a crunch could run the smaller guy out of business if it lingered. The consequences are high no matter how you look at it. As auto/truck leases increase there is an equal increase in residential rentals, meaning again that home buying is slowed or at least being delayed. The
‘As auto/truck leases increase there is an equal increase in residential rentals, meaning again that home buying is slowed or at least being delayed. The danger is that with rising delinquency in auto loans that the poor credit ratings of potential home buyers freezes them out of the market forever...’
danger is that with rising delinquency in auto loans that the poor credit ratings of potential home buyers freezes them out of the market forever. Some believe that the stage is set for a crisis that will absolutely dwarf 2008. The national debt has nearly doubled since the beginning of the last crisis, corporate debt has doubled, student loan debt has crossed the trillion dollar mark, auto loan debt has crossed the trillion dollar mark, and total household debt has crossed the 12 trillion dollar mark. Wells Fargo is one of the largest holders of subprime auto debt and recently took steps to limit their exposure when investors started to recognize the possible downside. It has even been reported that many of these loans were given out to buyers who had no credit score at all. As a recent report from Antimedia says the risks aren’t limited to just lenders and borrowers but also extend to institutional investors. “Thousands of these high-risk car loans have been bundled together into products similar to the mortgage-backed securities that undermined financial stability in 2008.
Investment fund managers have bought billions of dollars’ worth of this securitized debt while trying to maximize returns in this low-interest rate environment. Even though this bubble, on its own, isn’t enough to destabilize the economy, the additional problems with student loans and record high rental costs have had a devastating impact on the net worth of most working Americans.” The impact will be felt by our automotive dealerships two of whom are members of the EPAB. As banks begin to ask for better credit from consumers the glut of inventory will have a significant impact on dealerships who are paying for the inventory on credit. We are living with the greatest debt bubble in world history, and there are signs that this giant bubble is bubbling, as President Trump said on the campaign trail. If it burst the pain could be greater than most people would dare to imagine. Not just for housing and car sales but the whole economy
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National Builder News
2017 Issue 4
New Home Sales Continue Upward Trend
n Sales of newly built, single-family homes rose for the third straight month, increasing 5.8 percent in March to a seasonally adjusted annual rate of 621,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. “This month’s increase in new home sales is aligned with solid builder confidence and shows that the spring home buying season is off to a strong start,” said Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas. “However, builders are concerned that ongoing increases in building material costs will hurt housing affordability, especially given today’s proposal by the Department of Commerce to impose a hefty tariff on Canadian lumber.” “The March sales numbers are the second highest on record since the Great Recession, which is especially encouraging considering the poor weather conditions throughout many parts of the country,” said NAHB Chief Economist Robert Dietz. “With tight existing home inventory, rising household formations and continued job creation, we can expect further growth in new home sales moving forward.” The inventory of new home sales for sale was 268,000 in March, which is a 5.2-month supply at the current sales pace. The median sales price of new houses sold was $315,100.
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Builders Outlook
Regionally, new home sales increased 25.8 percent in the Northeast, 16.7 percent in the West and 1.6 percent in the South. Sales fell 4.5 percent in the Midwest.
Increases in Remodeling Market Indicators Reflect Broad-Based Confidence
n The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) rose to 58 in the first quarter of 2017, an increase of five points from the fourth quarter of 2016 and the highest reading since 2015. An RMI above 50 indicates that more remodelers report market activity is higher (compared to the prior quarter) than report it is lower. The overall RMI averages ratings of current remodeling activity with indicators of future remodeling activity. “A milder than usual winter has led to increased remodeling activity and a positive outlook for spring,” said NAHB Remodelers Chairman Dan Bawden, CAPS, GMB, CGR, CGP, a remodeler from Houston. “Remodelers are seeing stronger market conditions with customers more willing to spend money on both small and large projects.” Regaining strength from a three-point dip in the previous quarter, the current market conditions increased five points to 58. Among its three major components, all saw an increase from last quarter, with major additions and alterations up four points, demand for smaller remodeling projects increasing by seven points and
BUILDING
the home maintenance and repair component rising six points. The index measuring future market indicators also reached 58, meeting the highest point of 2016. Calls for bids rose significantly from 49 to 59, amount of work committed grew from 50 to 58, the backlog of remodeling jobs increased from 55 to 62, and appointments for proposals remained constant at 54. “At 58, the Remodeling Market Index is seeing broad-based improvement with all major components well over 50,” said NAHB Chief Economist Robert Dietz. “However, remodelers will face challenges meeting the demand as the labor shortage continues and costs for materials, such as lumber, are rising.”= For the full RMI tables, please visit www.nahb.org/rmi. For more information about remodeling, visit www.nahb.org/remodel.
New Homes Strengthen Economy, Spur Job Growth
n As the housing industry celebrates New Homes Month in April, newly released data from the U.S. Commerce Department confirms the significant contribution that residential construction has on the U.S. economy. Final estimates of fourth quarter 2016 gross domestic product (GDP) growth show that housing's share of GDP stands at 15.6%. "Home building is a key driver of the American economy," said Granger MacDonald, chairman of the National Association of Home Builders (NAHB)
El Pa aso
and a home builder and developer from Kerrville, Texas. "Housing creates new income and jobs, purchases of goods and services, and revenue for local governments." NAHB research shows that building 100 single-family homes in a typical metro area creates 297 full-time jobs and generates $28 million in wage and business income and $11.1 million in federal, state and local tax revenue. The industry continues to add jobs at a fast pace, with monthly employment data for February showing that home builder and remodeler employment increased by 18,900. Over the last 12 months, home builders and remodelers have added 136,000 jobs on a net basis and residential construction employment now stands at 2.707 million. "Our builders remain optimistic about the market for newly-built single-family homes and consumer confidence is strong, which should set the stage for a strong spring home buying season," MacDonald said. "Americans continue to place a high priority on homeownership and work hard to achieve this goal for their families."
SINCE 1950
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Expert Analysis Elliot Eisenberg Economic & Policy Blog
After almost reaching $55 per barrel (bbl), oil prices are again falling. What makes this decline particularly baffling is that in late 2016, after seeing prices languish for two years, the Organization of Oil Producing Countries (OPEC) announced that it, along with non-OPEC members such as Russia, would collectively reduce production by 1.8 million bbl/day, or 2% of global supply, starting January 1st. Many observers thought that removing that much supply would stop inventory growth and put upward pressure on prices. After the decision to curtail pumping was announced, oil prices, as expected, quickly jumped from about $43/bbl to close to $55/bbl. Recently, however, oil prices have again started falling. The question is why, and is this decline more likely to be temporary or permanent? There are four main reasons why oil prices are again declining. Firstly, the decision to cut global production set off a flurry of buying by hedge funds, which pushed up prices. However, the rise in prices also encouraged American shale producers to ramp up drilling and production. To wit, the number of oil rigs in operation has more than doubled in the past 12 months. Since OPEC
Builders Outlook
2017 Issue 4
High Storage Levels, Low Oil Prices
announced that production cuts were coming, US production has increased by almost 500,000 bbl/day. Moreover, the number of wells that are drilled but uncompleted (DUCs) has risen from 1,250 to 1,750. As oil prices recover, DUCs, which can be quickly completed, are likely to flood the market with yet more supply. Second, several OPEC nations, including Iran, Libya, and Nigeria, were, for any number of reasons, not asked to cut production and have instead all increased production dramatically. Further complicating matters is that
many of the nations that have been called upon to make cuts do not have a great history of compliance. In addition, Canada and other non-OPEC nations that are in no way involved with OPEC are also increasing production. The third factor is that in the months leading up to January 1, 2017, when the above-mentioned production cuts were to commence, most OPEC nations sharply raised production levels and exports to maximize short-term revenues. And, after weeks of transatlantic travel, this oil is now finally reaching US shores.
The final factor is the shape of the curve of futures prices, which is closely related to inventory levels. Inventory levels continue to rise and are now at a record 540 million barrels. With inventories so large, near-term prices for oil are lower than long-term prices, a relatively infrequent situation known as a contango. When the contango is sufficiently large, such that storage costs are less than the long-term price of oil minus the short-term price, which is currently the case, investors and speculators buy oil and store it. In the process, the near-term price of oil is driven lower still. To break this cycle, OPEC will have to convince markets that inventories will soon decline and thereby raise nearterm prices. The best way to do this would be to promise to extend the current production cuts that are set to expire on June 30th and perhaps promise additional production cuts. The only problem is that as prices rise in response those actions, American shale drillers will drill more wells and the cycle will continue.
EPAB MEMBER ONLY EVENT
2017 Issue 4
Builders Outlook
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REACH POTENTIAL HOME BUYERS
JOIN US JUNE 10 A special one day home buying extravaganza!
Make plans now to participate in First Home Saturday - a home buying fair to be held at Bassett Place on June 10. • The highly promoted event is an ideal opportunity to identify first time home buyers and offer your services as they begin their search for a new home.
• A special grand prize sweepstakes promotion will be featured in all event advertising to help encourage a great turn-out.
• By participating in First Ho o me Satu urday, you will have the opportunity to meet first time home buyers at your exhibitor booth and receive contact data for visitors entering our sweepstakes.
• First Home Saturday is specifically designed for affordable home builders and those who sish to reach this valuable target market. • The event is exclusively designed for Members of the El Paso Association of Builders only. Every participant must be a member of EPAB in good standing.
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An Exclusive ‘Members Only’ Event broug ght to you by:
EL PASO BUILDERS A S S O C I AT I O N O F
LOCATION Bassett Place, wit i h its central location and ample parking, is a perfect location for First Home Saturday. Recent demographic data indicates that this is an ideal venue to target first time buyers. SHOWTIME The First Home Saturday Event will open June10 at 10:00 AM and conclude at 6:00 PM. Exhibitors will be allowed to set up their booths starting at 9:00 PM Friday June 9 & Saturday June 10 between 9:00AM - 9:30AM. ADVERTISING A media plan with extensive radio, television, and print advertising wil begin 10 days prior to the event and run until June 10. A social media campaign will also be launched two weeks before the event. EXHIBITOR BOOTHS Booths are available for $429 for a 10 x 10 space.
CORPORATE SPONSORSHIP $2500 Sponsorship Packages include featured prominence in all advertising and an exhibitor booth. SPACE IS LIMITED CALL EPAB TO RESERVE YOUR SPACE TODAY! 915-778-5387
The El Paso Association of Builders
6 0 4 6 S u r e ty D r iv e • E l P aso • Tex as • 7 9 9 0 5
915-778-5387
Event & Promotion by Snappy Publishing, LLC 915•820•2800 ted@snappypublishing.com
Builders Outlook: On the Scene Spring Golf Tournament The annual spring golf tournament affectionately called a golf “Pachanga” (Spanish for exuberant party) went off with beautiful weather on April 19. The Vista Hills Country Club course was in excellent shape as eighty three golfers took to the links. Golf Pro Terry Jennings and crew did a great job welcoming the Association. The event title partner was Haskins Electric and Chuck Haskins was happy with the results. “I always enjoy coming out to play and to get some new contacts. Today was just great and I’m really thankful for the response,” Haskins told the Outlook. In addition to the title partner other members stepped up to the plate with Pioneer Bank doing the breakfast partnership; HUNT Communities partnering on the lunch awards; Morrison Supply and Franklin Building Materials teamed up as beverage partners; the $10,000 hole in one challenge partner was Builders Source Appliance Gallery; while HUB International, ACME Brick, Bella Vista Custom Homes, and Rassette Homes teamed up to sponsor long drives on par 4’s. The driving range was supported by Interceramic, while Legacy Real Estate took on the Target on the Fairway. It was Patrick Tuttle who in the end provided the target on the fairway prizes as an upsell raffle. Our thanks to all of our partners for supporting the association. Our golf tournament sells out very quickly and it’s in large part to the fact that we try hard to ensure fun and an opportunity for networking. The golf chairman, Sam Shallenberger is grateful to the association members. “I want to thank all of our members who supported the tournament and most of all thanks to Margaret for all of her work, something a lot of people forget,” Sam said. “We have fun, we have great weather…what else could you ask for?” Plans are already being made for our fall golf challenge that is for the more experienced player but still designed to have fun. “We like doing two different tournaments hoping that a lot of our members can feel welcome,” Shallenberger said.
Thank you to our Partners: Title Partner • Haskins Electric Lunch Host • HUNT Breakfast Host • Pioneer Bank
The four long drives: • HUB International • Acme Brick • Bella Vista Custom Office • Rassette Homes
Driving range: • Interceramic Target on Fairway: • Legacy Real Estate
Special Thanks to Patrick Tuttle for taking pictures and for the gifts for our special raffle.
2017 Issue 4 ‘Wacha’ Tournament Wacha. Washers. Watcha. No matter how you spell it there’s fun in having the event we call the Wacha Tournament. Case in point was our 3rd annual Wacha throw on April 27. Twenty one teams participated in the throw with teams of two competing against each other and themselves. The idea of a washer throw has been around a long time and most people perhaps played a form of the throw with bean bags. Some call it corn-hole game, but no matter the idea at our event is to get to 21 points before your opponent. The game starts with all teams playing a best two out of three match, then move on to quarter finals with two out of three needed to move on to the semifinals and then the championship. Sounds simple but the throw we use has some larger washers, like you would use on a big bolt. Those washers may seem light when you start, but after throwing them for a while the weight plays on your arm muscles. If you advance to the semi’s you may have thrown six or seven matches and at least 14 games. Each game can go on for twenty minutes or more. The longest match in this year’s event went over an hour, finally being settled with a round of rock, paper, scissors. The fun part of the event is being around folks in a party type sporting event where tactical methods overrule might. Skill is needed and a deft touch required because the washers don’t fly naturally. “I think we need to see those guys over there because they sure look like ringers to us” said Danny Gomez from Randall Smith CPA firm as he scouted the Rudy Guel Construction team. “We also think that they may find themselves with some hidden talent here,” Gomez continued feeling good about their prospects. Brenda Aguirre from GECU said she was amazed that women were competing head to head with the guys. “This is awesome. I love seeing all the women here competing,” she said. Eight member companies supported the Wacha Tournament and they include Interceramic, Randall Smith CPA, daltile, El Paso Star Ready Mix, Bella Homes, GECU, Stewart Title, and Builders Source Appliance Gallery. Our thanks to each one for the support. Margaret, Lorena Contreras, Sandra Lucero and Ray prepped the hot dogs, got the beer, soda and water cold and Michael Armstead of El Paso D J service spun the great music. “We get a lot of looks from all the folks who work on Surety drive wondering what the heck is going on,” said Ray. “What they can’t figure out is why there’s so much fun going on, and that’s just fine with us,” he said. Henry Tinajero from WestStar Bank put it this way. “We can come out and have a really good time with something different and we get to see a lot of our customers and friends.” When it was all done our winning teams included El Paso Star Ready Mix with the first and third place team and GECU winning second place. Congratulations and thanks to all our sponsors, players, teams, and support.
Thank you to our Partners: • Randall Smith CPA • Daltile • Builders Source Appliance Gallery
• • • • •
Stewart Title GECU El Paso Star Ready Mix Bella Homes Interceramic
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Lending
Builders Outlook
Low mortgage rates push refinances up 7% Total mortgage application volume rose 2.7 percent the last week in April, according to the Mortgage Bankers Association. Volume was 18 percent lower compared with to the same time one year ago. The refinance market came back to life last week, as mortgage rates fell further. Homebuyers, however, were not as easily swayed by rates. Total mortgage application volume rose 2.7 percent, seasonally adjusted, for the week, according to the Mortgage Bankers Association. Volume was 18 percent lower compared with the same week one year ago. Mortgage refinance volume remains far weaker than it was last year, when interest rates were lower, but it did rise 7 percent week to week as rates sank to the lowest level since just after following the presidential election. The size of the average refinance loan also increased, as large-balance borrowers are more rate sensitive. Refinances are still 34 percent below where they were a year ago. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $424,100 or less decreased to 4.20 percent from 4.22 percent, with points increasing to 0.37 from 0.35, including the origination fee, for 80 percent loan-to-value ratio loans.
2017 Issue 4
Written Insured
New Home Warranties
"The drop was driven by continued investor concerns about the French election, though Sunday's first-round voting results apparently have alleviated some investor fears," said Lynn Fisher, MBA vice president of research and economics. Homebuyers were less concerned with mortgage rates and more frustrated with the lack of homes for sale. Mortgage applications to purchase a home fell 1 percent for the week and are just 0.4 percent higher than the same week last year. The supply of homes for sale continues to drop amid strong demand and low production from the nation's homebuilders. Mortgage rates may eventually become a bigger concern. They began rising again this week, as investors turned from the French election to the possibility of U.S. tax reform. "In general, investors have piled back into riskier assets like stocks because the French election reduces long-term risks to the European Union," said Matthew Graham, chief operating officer of Mortgage News Daily. "The prospects for tax reform have a similar effect in that they encourage investors to favor riskier assets at the expense of bonds. When demand for bonds decreases relative to supply, rates move higher." -www.CNBC,com
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Experts: Spring home-buying season starts off with a bang
2017 Issu 4
But first-time buyers face headwinds from high prices The spring home-buying season is in full swing and it started off with a bang. Home prices increased in February to a new high for the fourth consecutive month, according to the S&P CoreLogic Case-Shiller Indices, released Tuesday by S&P Dow Jones and CoreLogic. And another release Tuesday from the Federal Housing Finance Agency showed home prices rose 6.4% annually and 0.2% from the prior month. But these rising home prices didn’t hold back new home sales, which increased a full 5.8% monthly and 15.6% annually, according to Tuesday’s release from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. “The 2017 spring home shopping season has started off with a bang, and at this point the strength of the market shouldn’t come as much of a surprise,” Zillow Chief Economist Svenja Gudell said. “February Case-Shiller numbers point to more fierce competition in the housing market.” “The thing to watch for now is when market conditions will shift, and change does seem to loom on the horizon, with rising mortgage interest rates and flattening rents,” Gudell said. “Both could put a dent in home-buyer demand and overall price growth and affordability.” Another expert confirmed that the market is strong for now, but explains high home prices and low inventory create significant headwinds for firsttime homebuyers. “Strong demand bolstered by income and job growth sets the stage for intense competition and continued price growth in the housing market,” Trulia Senior Economist Cheryl Young said. “Consumers are likely to also take advantage of mortgage rates as they remain low,” Young said. “While the housing market looks to be recovering, these high prices impact the affordability of homes, directing the strongest headwinds towards starter-home buyers.” But one expert explained that while new home sales were above expectations in March, home
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Builders Outlook
prices are actually beginning to level out. “New home sales for March were above our expectations,” said Tian Liu, Genworth Mortgage Insurance chief economist. “Strong demand from homebuyers and very tight supply conditions in the overall housing market are fueling demand for new homes.” “In addition, prices on new homes are stabilizing, suggesting more affordable homes are coming to the market, which will help builders capture more demand from first-time homebuyers,” Liu said. While the Case-Shiller report shows home prices increased to a new high, the rate of increase slowed. “The pace of house price gains slowed in February according to Case-Shiller, with the smallest month-on-month rise since July last year,” Capital Economics Property Economist Matthew Pointon said. After the new home sales report showed March’s increase, one expert explained this increase is likely to continue throughout 2017. “We expect new home sales to rise further over the course of 2017 in response to solid job gains, faster wage growth, still low, albeit rising, mortgage rates, and faster household formations,” said Nationwide Chief Economist David Berson, who served as chief economist at Fannie Mae for over 20 years. However, the increase in new home sales may not be much help for first-time homebuyers. “The good news is that new home sales jumped for the third month in a row, to about the same as last year's peak in July,” realtor.com Senior Economist Joseph Kirchner said. “Already this spring market is challenging last year's highwater mark.” “The bad news is that sales are increasingly concentrated at the mid- to upper-end of the price range,” Kirchner said. “Sales of affordable new homes under $200,000 dropped to 12% from 17% of the market since last April.”
Source: http://www.housingwire.com
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Builders Outlook
EPAB Membership Builder members as of April 1, 2017
AT Architectural Designs Elsa Taracena Accent Homes Mark Dyer/Raul Chavez Bain Construction Scott Bain Bella Homes Leti Navarrete Bella Vista Custom Homes, Inc. Edgar Garcia BIC Homes Antonio Cervantes Carefree Homes Richard Aguilar Casas De Leon, LLC Nick Bombach Classic American Homes Priscilla Hernandez Crown Heritage Homes Lydia Mlouhi Cullers & Caldwell Builders John Cullers Cullers Homes Jason R. Cullers Custom Dream Homes Leti & Javier Navarrete D. R. Horton Homes Jaime Gonzalez Dawco Home Builders Walter O. Lujan Deal-2-Deal Homes dba Deal-2-Deal,LLC Delton Deal Del Rio Engineering, Inc. Sal Masoud Diamond Homes, LLC Valerie Baquera Donald Ward Builder, Inc. Donald Ward E. Valencia Land Development LLC Eddie Valencia Edward's Homes, Inc. Eduardo Fernandez EPT Land Communities David Bogas Everest Homes Edmundo Dena, Jr. Fortune Custom Homes Javier Andrade Gaddy Construction Charles Gaddy GMF Custom Homes, LP Frank Torres Guel Construction Rudy Guel Hakes Brothers LLC Chris Hakes Hanson Asset Management, LP Russell Hanson Homes by Design Leslie Driggers Hoard Hunt Communities, LLC Kathy Parry Icon Custom Home Builder, LLC. Carlos Garcia Industrial Realty Group Incorporated Brent D. Harris JER Custom Homes, LLC Jorge E. Rodriguez Kayton Lee Residential, Inc. Brianna Barnes LMJ Construction Co., LLC Mike Lopez Loyalty Homes Gustavo Loy M A Builders & Design, LLC Mustafa Ali Metro Homes, Inc. Fernando Torres, Judith Arrunada, Millennium Homes Dan Ruth New Horizon Builders Georgiana Garcia Pacifica Homes, Inc. Juan Jose Vasquez Palace Homes, Inc. Robert Diaz Palo Verde Homes Edgar Montiel
2017 Issue 4
Updated every month, here is a list of the 2017 EPAB Membership. Remember to please do buinsess with fellow members.
Pointe Homes Carlos Villalobos Porter Homes Albert Porter R.C. Baeza & Associates Robert C. Baeza R.E. Welch Contractor Gordon Welch Rassette Homes, Inc. Donald Rassette Santana Custom Homes Fernando Santana Southwest Land Development Serv. Doug Schwartz The Heritage Group David Bingham Trejo Construction Co. Juan Trejo Tropicana Building Corp. Bobby Bowling IV Tropicana Development Greg Bowling Tropicana Homes Randy Bowling Tropicana Properties Demetrio Jimenez Villagi Homes, LLC Kristi Eddings Will Harvey Development Will S. Harvey Winton/Flair Homes Herschel Stringfield
Associate Members as of April 1, 2017
84 Lumber Ernie Chavez ABC Supply Co., Inc. Larry Eck Acme Brick Company Vanessa Rocha; Steve Bush Adams Moulding & Lumber Tom Swahlen Area Iron & Steel Works, Inc. Fred L. Edmonston Jr. Atrium Homes Ricardo Bocardo Jr. Bank of Texas Ray Owen Barnett & Bennett Construction Ben Trzyna Baron Supply David Trammell Barragan & Associates Benito Barragan Barrett Airworks Alexandro Castro Beasley, Mitchell & Co., LLP Brad Beasley BMC Select Jaeson Iovinella Boise Cascade Mike Flores Bonded Builders Home Warranty Grp. Bill Deal Border Solar Javier Ruiz Builders Source Appliance Gallery Kathy Rose, Sandra Lucero C. D. Lee/Britton Insurance & Bonding Anthony Landavazo; Lisa Daniels Cabinet Masters Mike Robles Capital Bank, SSB David Ortwein Cardel Design Group Lorraine Huit Casa Ford & Casa Nissan Luke Lowenfield CEA Engineering Group Jorge L. Azcarate Central Texas Metal Roofing Supply Co.,Inc. Ben Garza, III Chaparral Materials, Inc. Kevin Fortin City Bank Texas Bob Kotarski City Lights Thomas Brown
Cognent, Inc. Martin Paredes Conde, Inc. Conrad Conde CQC Testing and Engineering, LLC Jaime Rojas Dal-Tile Joseph Cepeda Demcon Disposal Management, LLC Aby Escorza Dempsey, Cooper & Lane, LLC Richard T. Dempsey Dorney Security John Dorney DWS Building Supply Sabrina Voorhies E.F. Building Materials, Inc. Efren Fraire Eagle Roofing Products Scott Aguilar El Paso Building Materials Ken Wade El Paso Disposal Irma Parsons El Paso Mortgage Bankers Association Randi Cabrera El Paso Star Ready-Mix Concrete Inc. David Armendariz El Paso Times Jose Molina El Paso Truss Luis Mendiola El Paso Winnelson Rene Goldfien Ferguson Enterprises Inc. Albert Holguin First Light Federal Credit Union Lorenzo Revelez Firth, Johnston, Bunn & Kerr Jay Kerr Foxworth Galbraith Lumber Bret Thompson Franklin Building Materials Ricardo Aguilar; Cristina Sheldon GCC Sun City Materials, LLC Victor Tito Marquez GECU- Greater El Paso Credit Union Brenda Aguirre GEPAR-Greater El Paso Assoc. of Realtors Sharron Ramirez Hardware Specialties Jeff R. Paxton Harris Real Estate Group Lane Harris Haskins Electric Charles B. Haskins, Jr. Home of Texas Mark Smiley Home Performance Testing Fernando Garcia/Ray Gonzales HUB International Luis Rosas Interceramic Tile & Stone Gallery David Holguin J & H Concrete & Post Tension Jorge Herrera James L. Ellis, CPA, PC Jim Ellis Jobe Materials, LP Charlie Tellez Joe Bernal Insurance & Financial Services, Inc. Joe M. Bernal L & P Building Supply Denise McConnell Legacy Real Estate Services /TTi Prop. Management. Patrick Tuttle Lone Star Title Co. of El Paso Sam Trimble Love Engineering, Inc. Montez Love Majestic Realtors Patti Musshorn MAK Roofing & Construction Felix Vizarreta Masco Contract Services dba Gale Insulation Tom Harmon McCoy's Building Supplies Jorge Martinez
Mechanical Technologies Jaime Zubiate Morrison Supply Sam Shallenberger MTI Ready Mix, Inc. Tony Mullen Neeuhome.com LLC Walter Pichardo New Era Foam George Tollen Passage Supply John Chaney Patriot Mortgage Randy Bowling Pella Windows Jason Bates Performance Glass & Aluminum Hector Hernandez Pioneer Bank Kathy Carrillo Post Tension Dennis Moore Powerfoam Insulation: Metlspan NCI Group, Inc. Arnie Pederson Randall Smith, CPA Randall Smith Real Estate Weekly Newspaper Riley Stephens Rebath of El Paso/Las Cruces Lisa Walling Remcon Self Storage Joan Swahlen Richman Group Affordable Housing Corp. Kevin Hoffman Rocky Mountain Mortgage Company Dean Inniss Roe, Brad Bradley Roe Rudolph Chevrolet Art Smith Sarabias Blue Sanitation Monica Brown Senercon Javier Ruiz Sherwin Williams Paint Cruz Lopez Sierra Title Company/Lawyers Title Chris Morales; Angelique Roman Simpson Strong-Tie Company, Inc. Ken Donham Snappy Publishing, LLC Ted Escobedo Solar Smart Living Larry Perea Southwest DĂŠcor El Paso Corporation Chris Matthews Spectrum Technologies Miled Daou Stewart Title of El Paso Cindy Bilbe StrucSure Home Warranty Scott Whisenant Su Casa Magazine Bob Skolnick Sun City Winnelson Dean Moore Texas Gas Services Mica Short Texas Title Company Steve Raney TFCU Yolie Melendez-Estrada The Dorian Group/Ocean Gallery USA Miguel Angel Mercado TRE & Associates Linda Troncoso Trim Team Juan & Kris Hernandez USA General Contractors Javier Olmos Vision Consultants, Inc. Kelly Sorenson WestStar Home Loans Sandy Matyi WestStar Bank David Osborn WestStar Title Janette Coon
Association News & Events
2017 Issue 4
13
Builders Outlook
If you have an event or meeting that you would like to share with EPAB members, please submit your information to: margaret1@elpasobuilders.com Connect to the El Paso Association of Builders: www.elpasobuilders.com
UPCOMING EVENTS
MAY 10 BOARD MEETING 12 NOON EPAB OFFICE MAY 16 LUNCH AND LEARN 12 NOON EPAB OFFICE JUNE 10 FIRST HOME SATURDAY BASSETT CENTER 10AM
JUNE 14 BOARD AND GENERAL MEETING TBD
NEW MEMBERS INSIGHT MORTGAGE COMPANY CONTACT: SHAWN WEEKS 300 THUNDERBIRD, SUITE 1 EL PASO, TX 79912 915-581-4930
COMMERCIAL INSURANCE BROKERS, INC. CONTACT: KEN FOSTER 114 MESA PARK DRIVE, SUITE 100 EL PASO, TEXAS 79912 915-532-9500
EL PASO STAR READY-MIX CONCRETE, INC. CONTACT: DAVID ARMENDARIZ 117 S. MOON RD. EL PASO, TX 79927 915-860-8555 PREWIRE OF EL PASO CONTACT: STEVEN DRURY 1515 LEE TREVINO #D EL PASO, TX 79936 915-598-4937
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Builders Outlook
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teady em ployment demand , afforda and economic gro ble hom mortgage wth, pen e prices rates will gradual and attract t-up kee upw ive headwinds ard trend in 201 p the housing ma 6. Howeve rket on a rela ted and labor, to r, along with shortages and ava persistent impeding risin ilab ility of lots g materi a als prices to econom more robust rec are overy, acc ists who participate ording d in a Nat of Home Builders ional Association (NAHB) Constru ction For Fal ecastWebi l nar.
National
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Industry News 2015: Issu e 10
2016: H ous Recovery ing to pick up steam a challeng mid es
“This recov NAHB Chie ery is all abou t jobs,� said people can f Economist David they have Crowe. incomes, get good jobs , “If that pay the hous about purchthe more comfortab dece to move ing mark asing a le they feel forwa et will conti nt new And while nue The good rd.� mortgage home.� expected news, Crow interest total U.S. to e adde employme averaging rise over the near- rates are well abov nt of 142 d, is that 4.5 perce e percent nt in 2016 term, Single-Fa in that occu the previous peak million is now mily Cont rred in 2008 expected 2017, Crowe said and 5.5 of 138 millio inues to Turning to have The one . to the forec Post Gain n an impa this is not recovery. projecting ast, NAH s ct been conc caveat is that job “As the 719,000 economy on the housing and wage entra 2015, up single-fam B is sector, which ted heavily growth has gets grow 11 perce ily starts better, job th shou in the servi even thoug nt produced tends to in than good ce h mortgage ld keep pace. So last year. from the 647,000 s producing pay lower wage will still production Single-fam units rates be s Meanwhile jobs. very afford low by historical will rise, they additional is projected to incre ily , home doubled standards able.� 27 perce since 2011 equity has nearl and units. nt in 2016 ase an $12.5 trillio y and now to 914,0 Supply n. stands at 00 On the multi Head “The singl family side, 354,000 e biggest Crowe notedwinds people’s produ units asse several ction last year, t in portfolio hindering 331,000 factors slightly abov ran at is the home most said Crow a level that e. “That’s NAHB survemore robust recov that are e the they own, level of primary production is considered a � ery. Citing y of its purchasers important beca normal builders expected . Multifamil sellers of reported members, 13 perce an same of new home use the to rise 9 y starts the existing labor was this year percent are nt s are homes. a significan cost and availabilit of that concerns regar to 387,0 and post The more the that conc 00 ding lots decline ratio shot y of t problem equity ern to 378,0 a modest 3 perce units in 2011 and 00 units Concerns up to 58 perce nt About one-fjumped to 61 percein 2011 and Residentia in 2016 nt in 2014 ifth of build nt in 2014 at 58 perce over building . forecasted l remodeling activ . mate . ers share nt amon ity is from 33 d the g builders rials stood over last to increase 6.8 percent in perce year 2014, up in 2011. nt in 2015 and rise No doub percent an addit in 2016. ional 6.1 ideas that t that the home brought really made together that much the show case home of actua more interesting lly . The proce Continue setting up piecing the walls d Page 6 together, ss the floor The annu a wall or and the al Fall Hom in the ceilin all that goes brought e and Gard the faint thousands g is not hearted. en show something on Judson of people Habitat Willia for for Hum “We were asked show kicke ms Conventio into the anity to by could from n donate people wered off October 9. Center as the could,� Torrethis build, and I’m what we The thron presented greeted by a proud that s told the the show very nicel gs of we Outlook. case was y producer show complimen waiting for quickly taken The rest of ts of the Show Tech Antonio. some nology out to a lot of the frame parts that of San could be The show waste. used so and other Over to showcase featured a spec showcase all a very beau not go to tacular tiful Metro Homhome by new build for years home that will conti green to come was made es. The design er member nue to give . of The Fall site in orderto be partially cons the display Home and show of Garden its establishe to meet the time tructed off some time, center was kind this year since was the only d lines that even for the show. taken over the civic Sam Shall � said Associate Bowling “I have to with that for s Chairman the enberger. Cham tell hustled additional Men’s and exhib to make time we you center turne pionship (ABC). itors and “We had new displ bring to sure we product really have.� the that was had complete d into a large bowl The civic to a nice thing ays what’s hot consumer beca with state CTU Metro show,� said Fern a great ing alley use I know The prese run into in the world ando Torre to said. situations of the art lanes nting attrac staged the Homes. Beautiful s of of walls,� Wizard, . “We center or like this tion was and elega Santos Brian Sant when the halls we Our since the show house became the Wall ntly demonstra os civic that can use are the favor winning and all the re thanks to CTU tions durin who did several the fit ite of Best of efforts. “I really Show for of Show our shows,� said only ones g the three “We are love Acosta Realsuppliers and the Metro Homes Tech excited Tommy coming off our mode so many to be able the Mantini flexible but nology. “We to El Paso day event. folks for of gratitude Estate. We also staff of David have to to show estate agen ls to the publi and seein then again the first the Outlo be we woul c and to owe to the exhib g ts I time, know beca ok. civic d the real have pent � market and “The El use we’re that this center itors who a debt Builders showed Paso Asso Brian told new to the we think filled the has things for with good produ during this up demand and year product ciation of we have other asso helped me get cts and the visito it to offer even Wha a t.� very t lots other Hom impre ciatio the cons r to see. continued e and gigs with ns and ssed many recommend umer,� Torre good Our Sprin of aisles and . was 11-13, 2016Garden Show is g ation,� he I’m grateful for s who has on the comfortab the amount of roomthe carpeted continued authored reach poten . Don’t miss this for March ly move . Santos, to and is an several was one around. “how to� inventor Technolog tial customers. opportunity to of the nices “I thought books companies and innov Visit Show y this t shows www.show today at ator for we’ve had several relationsh including Home in Depot. ip informationtechnology.com “My Depot and with Rubber Maid to get on the Spring show Lowes is and Hom really a . great thing e to See More Photos Page 8
Fall Home and Garden Show attracts thousan ds
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14
Builders Outlook
Expert Advice
by Ruth Rivera, VP Bukaty Financial One of the many benefits of 401(k) plans is that consistency is built in; there is no need for participants to decide month by month how much to contribute or how to invest. A recent study from the Employee Benefit Research Institution (EBRI) and Investment Company Institute (ICI) demonstrates how this consistency pays off. Researchers analyzed a sample of 8.8 million of 401(k) participants with accounts at year-end 2010 and 2014 in the EBRI/ICI 401(k) database. They found that participants who contributed consistently to their accounts: 1. Accumulated significant account balances: At year-end 2014, 19.5% of the consistent group had account balances of more than $200,000, while another 16.1% had between $100,000 and $200,000. 2. Had higher-than-average balances: The average account balance for consistent participants was 1.7 times higher than all database participants at year-end 2014. 3. Experienced noteworthy annual growth: Overall, the average account balance increased at a compound annual average growth rate of 15.5% during the four-year period, to $130,493 at year-end 2014. 4. Reaped the benefits of healthy market performance: The U.S. stock market trended up during the period studied, giving a lift to investors with higher equity allocations. On average at year-end 2014, about two-thirds of participants’ assets were invested in equities. Read the full analysis at http://tinyurl.com/401kstudy. Keep in mind that investments are subject to market risk, including loss of principal; past performance is not indicative of future results; and consistent contributions neither assure a profit nor guarantee against a loss in a declining market.
2017 Issue 4
4 Reasons It Pays to Make Consistent        401(k) Contributions
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2017 Fiduciary Calendar El Paso Association of Builders Retirement Program ď€ď€§ď€Śď€Žď€Źď€¤ď€Žď€˘ď€¨ď€Šď€Š
The diverse types of Corporate Retirement Programs
Does an Investment Committee minimize litigation?
 
Fiduciary Topic 404c Compliance Fiduciary Topic Fees and Expenses
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Learn about Investments
Learn about Financial Wellness Programs
Prudence: Learn the art of Fiduciary Topic Learn about Target Date documentation for preparation Funds Minimizing Risk Strategies of the Department of Labor How to conduct a Service Provider services, fees and service agreements to comply with the rules and regulations.
Here’s what you can plan on seeing from Ruth during the upcoming months.
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Learn how to help your employees understand investments.
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Review Administration Audit Fees and Services Checklist
Review Terminated Employees Force Out Process
Analysis of Service Provider Fees and Services
Review Compliance Checklist
Benchmark Review for your Company
Review Required Notice Documentation
Request for Proposals
Builders Outlook 2017 Issue 4 6046 Surety Dr. El Paso, TX 79905 915-778-5387 • Fax: 915-772-3038
■ExECuTiVE OFFiCERS PRESiDENT Don Rassette ViCE PRESiDENT Edmundo Dena SECRETARY/TREASuRER Sergio Cuartas ASSOCiATES ViCE PRESiDENT Sam Shallenberger ExECuTiVE ViCE PRESiDENT Ray Adauto PAST PRESiDENT Carlos Villalobos
■TAB STATE DiRECTORS Randy Bowling - Life Director Sam Shallenberger Edmundo Dena
Honorary Life Members Mark Dyer Wayne Grinnell Don Henderson Anna Gill Brad Roe Rudy Guel
Finance Committee Kathy Carrillo Henry Tinajero
■ADViSORY TO THE BOARD Jay Kerr, Firth, Johnston, Bunn & Kerr ■BOARD OF DiRECTORS
Metro Homes West Star Bank Firth, Johnston,Bunn & Kerr Employer Benefits Ep Passage Supply Dorney Security Pioneer Bank Hunt Companies Bella Homes/Custom Dream TRE & Associates Homes By Design Southwest Land Dev. Services Dawco Builders Bella Vista Custom Homes Cullers Homes Icon Custom Homes DRE Development Snappy Publishing Legacy Real Estate Services Lone Star Title Hub International Deal -2-Deal Homes Pacifica Homes
 
 
 
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Informació Hipotecas
Past Presidents Committed to Serve Edmundo Dena Edgar Montiel Frank Torres Frank Arroyos Greg Bowling Randy Bowling Bobby Bowling Iv Doug Schwartz John Cullers Robert Baeza Mark Dyer Kelly Sorenson Rudy Guel Brad Roe Herschel Stringfield Bob Bowling Iii Pat Woods
EPAB Mission Statement: The El Paso Association of Builders is a federated professional organization representing the home building industry, committed to enhancing the quality of life in our community by providing affordable homes of excellence and value. The El Paso Association of Builders is a 501C(6) trade organization. © 2017 Builder’s Outlook is published and distributed for the El Paso Association of Builders by Ted Escobedo, Snappy Publishing, LLC ted@snappypublishing.com El Paso • Texas • 915-820-2800
2016 Builder Member Of The Year Carlos Villalobos Pointe Homes  
772-7495
â– NATiONAL DiRECTORS Bobby Bowling, IV Demetrio Jimenez Leslie Driggers Hoard -Alternate Antonio Cervantes - Alternate
â– COMMiTTEE CHAiRS Membership Ted Escobedo Patrick Tuttle
Fernando Torres Henry Tinajero Jay Kerr Joe Bernal John Chaney John Dorney Kathy Carrillo Kathy Parry Leti Navarette Linda Troncoso Leslie Driggers-Hoard Robert Foster Walter Lujan Edgar Garcia Jason Cullers Samira Gonzaelz Sal Masoud Ted Escobedo Patrick Tuttle Sam Trimble Luis Rosas Delton Deal J. J. Vasquez
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