Word: sumichrast
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Construction companies also have been fretting about the outlook. An April survey of the National Association of Home Builders found that members fear that business will worsen in coming months. It was the first sign of pessimism in two years. "Change is in the wind," says Michael Sumichrast, chief economist for the organization of 40,000 builders...
...draconian measures have first hit the housing industry. Last week the National Association of Home Builders called an emergency meeting in Washington to bewail the high mortgage rates. The group's economist, Michael Sumichrast, darkly predicted that housing starts, which ran at a 1.9 million annual rate in September, will soon be cut in half. The soaring cost of money, he claimed, has already forced 10 million Americans to abandon temporarily plans for that dream house...
...interest rates already average more than 10% nationwide, and may have to climb as high as 11% to stay roughly in line with other rates; but in states containing just under half of the U.S. population, usury laws limit many mortgage lenders to 10% or less. NAHB Economist Michael Sumichrast believes that these lenders, unable to earn a competitive interest rate, will simply stop making house-buying loans...
...price of an average new house from about $30,000 to almost $36,000 in the past year. The industry's deepening slump is of critical significance because there has rarely been an economic recovery that was not paced by a surge in housing starts. Yet Michael Sumichrast, the National Association of Home Builders' chief economist, sees no relief in sight until inflation's back is broken...
Housing starts are down. They declined by 12% from May to June to a seasonally adjusted annual rate of 2,119,000 houses and apartments. Michael Sumichrast, chief economist for the National Association of Homebuilders, offers one obvious reason: "Mortgage money has dried...