Loans for single-family construction increase
Loans to fund single-family construction increased in the third quarter, according to a National Association of Homebuilders report.
The loan balances for the construction of homes with one to four units increased to $91.2 billion, marking the first annual increase in two years, the association stated in its report.
The total of such loans "now stands 56% lower than the peak level of residential construction lending of $204 billion reached during the first quarter of 2008,” the report said.
Additionally, the amount of loans that are more than 30 days past due or at a nonaccrual status decreased to $1.1 billion over the quarter. More specifically, the data shows that the amount of loans 30-89 days past due was $418.1 million, and the volume of loans in nonaccrual status was $593.4 million.
Costco sues over tariffs
Warehouse club retailer Costco has filed a lawsuit seeking to obtain refunds tied to reciprocal tariffs on imported goods imposed earlier this year by the administration of President Donald Trump.
Several firms have recently filed lawsuits seeking to recover tariff-related payments as the U.S. Supreme Court decides on the legality of the fees imposed by the White House based on what it said was an economic emergency to address trade imbalances. Some of those tariffs were also tied to stemming the flow of fentanyl and other illegal drugs into the United States.
U.S. Court of International Trade, Costco’s suit, filed Nov. 28 in the U.S. Court of International Trade, seeks a full refund of tariffs it has paid so far this year, though it does not list a specific dollar amount. It also seeks to block the collection of further import duties from Costco until the Supreme Court has made its decision, possibly in early 2026.
Lower courts found the president did not have legal authority to impose the tariffs, and the White House has appealed to the Supreme Court. Other companies filing similar suits in recent weeks have included Bumble Fee Foods, Kawasaki Motors, Yokohama Tire, Revlon and Ray-Ban sunglass maker EssilorLuxottica.
Residential construction slows in October
Homebuilders are scaling back on new projects in October due to persistent affordability challenges and uncertain demand.
Data from ConstructConnect — a construction data and analytics firm — shows single-family starts are down 8.8% and multifamily starts are down 4.9% year-to-date. This marks a contraction in both segments, with single-family homes experiencing a steeper decline.
Builders are increasingly becoming cautious, focusing on completing existing projects rather than starting new ones. Meanwhile, affordability remains a major challenge, with housing costs near their highest levels in two decades. Despite policy efforts, including the Federal Reserve rate cuts, these measures have yet to meaningfully improve the housing market.
Complicating the outlook, the government shutdown has delayed the release of new housing data. The Census Bureau announced it would not publish fresh figures until Jan.17, with the next update covering December activity.