Surging mortgage rates and uncertainty about the economy have put the housing market on ice. Mortgage purchase applications dropped Wednesday morning to their lowest level in 25 years and single-family housing starts will soon be down 20% on a year-over-year basis. Historically, a drop of more than 20% in single-family housing starts has meant pretty good odds for an overall recession.

Yet the US economy added 263,000 jobs in September. And while the labor market is somewhat cooler from earlier in the year, it's a long way from anything that could be characterized as weak.

SCOTTSDALE, Ariz., Sept. 29, 2022 (GLOBE NEWSWIRE) -- Meritage Homes (NYSE:MTH), the seventh-largest public homebuilder in the U.S., today announced the release of its second annual Environmental, Social and Governance (ESG) report. The comprehensive review of 2021 covers the Company's sustainability and governance practices, diversity, equity and inclusion (DE&I) efforts, and milestones achieved during the year.

Building off last year's inaugural greenhouse gas emissions inventory, Meritage is the first U.S. public production builder to issue a Task Force on Climate-Related Financial Disclosures (TCFD) report, which outlines the Company's climate risks and opportunities. As an official TCFD supporter, Meritage is aligned with the organization's recommendations to build a more resilient financial system through climate-related disclosure. The Company also included Equal Employment Opportunity (EEO-1) disclosures for the first time in this ESG report, which provides a standardized demographic breakdown of its workforce.

For more information on Meritage's ESG initiatives and to view the full 2021 ESG report and 2021 TCFD report, visit: https://investors.meritagehomes.com/environmental-social-and-governance/....

About Meritage Homes Corporation:
Meritage Homes is the seventh-largest public homebuilder in the United States, based on homes closed in 2021. The Company offers a variety of entry-level and first move-up homes. Operations span across Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina, Tennessee, and Utah. For more information, visit www.meritagehomes.com.

FORT WASHINGTON, Pa., Oct. 07, 2022 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE: TOL) (TollBrothers.com), the nation's leading builder of luxury homes, today announced the passing of Robert I. Toll, the Company's Co-Founder, and former Chairman and Chief Executive Officer. He passed peacefully surrounded by his family following a long battle with Parkinson's disease. He was 81. Bob Toll was an iconic industry leader who leaves behind an incredible legacy as a founder of one of the nation's largest home builders and most admired luxury brands.

"We are heartbroken by the passing of our founder, mentor, and dear friend," said Douglas C. Yearley, Jr., Chairman and CEO of Toll Brothers. "All of us who were lucky enough to spend time with Bob have been forever impacted by his huge heart, unique sense of humor, zest for life, and profound intelligence. Bob was a brilliant strategist and an incredible teacher and advisor. His lessons have been indelibly etched over the past half century in the minds of the entire Toll Brothers team and many of the industry's current and future leaders."

ABOUT TOLL BROTHERS
Toll Brothers, Inc., A FORTUNE 500 Company, is the nation's leading builder of luxury homes. The Company was founded 55 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol "TOL." The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, golf course development, smart home technology, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations.

New US home construction rose unexpectedly in August, though the slowest pace of building permits in more than two years underscores how higher mortgage rates are weighing on demand.

Residential starts increased 12.2% last month to a 1.58 million annualized rate, led by a jump in multifamily projects, according to government data released Tuesday. The pace of starts topped all estimates in a Bloomberg survey of economists.

Applications to build, a proxy for future construction, declined to an annualized 1.52 million units, the fewest since June 2020.

INCLINE VILLAGE, Nev., Sept. 07, 2022 (GLOBE NEWSWIRE) -- Tri Pointe Homes® (NYSE: TPH), one of the largest homebuilders in the US, announced today its recognition as a Best Workplace in Construction™ for 2022-2023. Based on an analysis of survey responses from over 25,000 employees from Great Place to Work-Certified™ companies in the construction industry, the award reflects Tri Pointe Homes' people-first philosophy coupled with its proactive approach to addressing several challenges in the construction industry, including labor shortages.

"We celebrate all the great awards our company receives throughout the year and the Best Workplace in Construction™ honor really stands out because of the major pain points the industry has faced and the thoughtful and hard work required to surmount those obstacles," said Tom Mitchell, president and chief operating officer of Tri Pointe Homes. "We will continue to support our team members in every way possible, cultivating a passionate work culture, which is one of the key brand pillars that defines Tri Pointe Homes. But we will also look outward to grow and advocate for our critically important industry, knowing that the efforts we make now will be crucial for its future growth."

Mortgage rates in the US slipped below 5% for the first time in almost four months, giving borrowers a reprieve after this year’s rapid surge.

The average for a 30-year loan fell to 4.99% from 5.3% last week, Freddie Mac said Thursday in a statement. That’s the lowest since early April and the biggest one-week drop since early July.

The decline in rates may help some homebuyers who were priced out this year by the fastest rising borrowing costs in decades. The Federal Reserve’s campaign to curb inflation by driving up its benchmark rate is putting an end to the pandemic housing boom. Sales are now sinking and inventory is starting to climb.

Statistically speaking, Denver’s economy is on fire. Unemployment has more than halved in the past year, GDP is expected to grow 73% faster in 2022 than the national figure and inflation — even more so than in the rest of the country — is on a tear.

And then there are the intangibles: well-heeled crowds waltzing through the ritzy Cherry Creek shopping district, impossible-to-get reservations at freshly anointed hotspots and queues of gleaming SUVs clogging Interstate 70 en route to the mountains for weekend jaunts.

Yet perhaps nothing is more emblematic of a city transformed by wealth, both homegrown and transplanted, than a 22-year-old penthouse loft for sale overlooking Coors Field. With its blonde wood flooring, black granite counters and corner jetted tub, the 7,204 square-foot (669-square-meter) property evokes a 2000s vibe.

US housing starts may have fallen to more than a one-year low in May, but a historic pipeline of homes under construction is seen easing an inventory crunch as those projects come to fruition.

The number of homes under construction rose to 1.67 million units last month, the highest in government data back to 1969. Moreover, housing completions rose more than 9% from the prior month to the highest level since 2007.

Miami (AP) -- On this first day of the Atlantic hurricane season, federal officials are launching a new initiative to modernize building codes so that communities can be more resilient to hurricanes, flooding, wildfires, and other extreme weather events that are intensifying due to climate change.

Deanne Criswell, the administrator for the Federal Emergency Management Agency, and Ali Zaidi, the deputy national climate adviser to President Joe Biden, discussed the initiative Wednesday during a briefing at the National Hurricane Center in Miami, where recovering from a hit similar to Hurricane Andrew could cost hundreds of billions today.

HAGERSTOWN, Md., June 06, 2022 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ: LGIH) today announced the grand opening of Claggetts Mill, the homebuilder's first community located in the state of Maryland. LGI plans to construct 100 single-family homes at Claggetts Mill, which is located in Hagerstown approximately 70 miles from both Washington D.C. and Baltimore. The community's proximity to I-70, Hwy 40 and MD-65 provides residents convenient access to an array of area amenities, including the Hagerstown Premium Outlets, Meritus Medical Center and Antietam National Battlefield.

About LGI Homes, Inc.
LGI Homes, Inc. is a pioneer in the homebuilding industry, successfully applying an innovative and systematic approach to the design, construction and sale of homes. As one of America's fastest growing companies, LGI Homes has a notable legacy of more than 19 years of homebuilding excellence, over which time it has closed more than 50,000 homes and has been profitable every year. Headquartered in The Woodlands, Texas, LGI Homes has operations across 35 markets in 19 states and, since 2018, has been ranked as the 10th largest residential builder in the United States based on units closed. Nationally recognized for its quality construction and exceptional customer service, LGI Homes' commitment to excellence extends to its more than 900 employees, earning the Company numerous workplace awards at the local, state and national level, including Top Workplaces USA's 2022 Cultural Excellence Award. For more information about LGI Homes and its unique operating model focused on making the dream of homeownership a reality for families across the nation, please visit the Company's website at www.lgihomes.com.

In September 2020, the city council of Alexandria, Virginia, met to discuss whether to move forward with an affordable housing project. On a few acres in the city’s residential West End neighborhood, a developer proposed to build townhouses and condos priced for first-time homebuyers, with a few units reserved for adults with intellectual and developmental disabilities.

Neighbors who lived in the single-family homes nearby showed up to the meeting, and they had questions. One of the biggest: What would happen to their property values?