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“Not in my backyard.”
2021 ended with more good news for home builders, with December seeing the third straight month of new residential construction increases, according to the latest report from the Commerce Department release Wednesday.
Growth was primarily driven by a 5% increase of multifamily structures, with the month seeing a 2.3% decrease in single family home construction. Looking at all of 2021, there was 15.6% increase in multifamily housing units versus 2020. Thus, these properties were a significant growth catalyst for new residential real estate in a market with staggering demand.
The Market Composite Index, a measure of mortgage loan application volume, increased 2.3% on a seasonally adjusted basis during the week ending January 14, 2022, compared with the previous week. On an unadjusted basis, the Index increased 3%, according to the Mortgage Bankers Association (MBA).
The Refinance Index, on the other hand, decreased 3% from the previous week and was 49% lower than the same week one year ago.