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February Builders Bulletin: Housing Inventory in King and Snohomish Counties Remains Low

In February, builder confidence in the market for newly built single-family homes dropped to 42, a decline of five points from January, marking the lowest level in five months. In the West, the HMI stood at 35. According to NAHB, builder sentiment experienced a significant decline in February due to concerns over tariffs, elevated mortgage rates, and high housing costs.

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By MBAKS Senior Policy Analyst Allison Butcher

The Washington unemployment rate for August showed some improvement on a monthly basis, moving to 8.5%, compared to 10.2% the previous month. The Seattle/Bellevue/Everett unemployment rate fell from 8.2% in July to 7.4% in August. Twelve months ago the unemployment rate in Snohomish County was 3.0%, and 2.7% in King County. The August 2020 Monthly Employment Report marks the sixth month since the impacts of COVID-19 started showing up in the local labor market.

The Builder's Bulletin is intended to provide a convenient way to track housing in our market and includes information from the Northwest Multiple Listing Service, State of the Cities Data Systems, Office of Financial Management, and the Washington State Employment Security Department.

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Shannon talks to Luellen Smith of Rhino Wine Cellars & Cooling Systems, this year's REX/T-REX Awards Chair and Associate of the Year, about REX and getting involved in our councils.

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