fha mortgage loans, local mortgage broker, midwest family lending

(515) 252-7107


Mortgage Industry News

« Return to Mortgage Industry News

Labor Costs Likely to Push Home Prices Higher

Thursday, October 10, 2019

New home prices have been rising since 2012 according to CoreLogic's chief economist Frank Nothaft.  Prices in the spring of 2019 were up 2 percent compared to a year earlier, partially because of rising building costs.  In an article in CoreLogic's Insights blog, Nothaft quotes National Association of Home Builder (NAHB) figures that say about 60 percent of a new home's sales price reflects the construction costs of the home. The major components of building costs are those associated with purchasing and preparing a lot, acquiring permits and inspections, hiring labor and buying materials. The last accounts for a large part of the overall structure cost and 2018 was a tough year for builders on that score. There was a significant price run-up in the two major components of framing, lumber and steel. Lumber prices jumped 20 percent and steel prices were up 14 percent in September 2018 compared to a year earlier.  

Read Full Article


"We recently had the opportunity to work with Kim at Midwest Family Lending to purchase a home. The people at Midwest were courteous and friendly. The housing loan was handled in a professional manner. The people were fast and competent. My husband and I had been through some hard times and did not believe that we could get funding for a home. Traditional banks had turned us down, refusing to even work with us. Kim at Midwest Family Lending not only looked at us, but did get us the loan for a home that we can now call our own. We are referring any friends, acquaintances to Kim at Midwest Family for home loans. Thank you for all your help."