Building News
From Coast to Coast

n Growing Scarcity of Land Alters Home Economics

n Cities Making New Pitches to Reverse Decades of Population Loss

n Property Tax Tops List of Least Favorite Taxes

n Retaining Generation Y: Housing Policies Could Run Group Off

n Zero Inflation in March After Excluding Energy

n Including Women in the Mix

n Condo Comeback in Sacramento

n Home Improvers to Spend More, But Follow Budget

To what extent are your home buyers asking for products that save on energy and conserve natural resources?

	A significant number ask about these green products.
	There is some interest.
	Not many buyers ask about them.
	Don't know.

Congress Delays Decision on Tax-Cut Stimulus

In an unprecedented compromise, the House and Senate on April 11 resolved the differences between their respective budget resolutions in a conference. The House approved the budget resolution by a margin of 216-to-211; it narrowly passed in the Senate by a 51-to-50 vote, with Vice President Dick Cheney casting the tie breaker.

The final resolution permits House lawmakers to enact a tax cut bill of up to $550 billion. The Senate can craft a tax cut package of up to $350 billion, which will be allowed to pass by a simple majority instead of the 60-vote margin that is required outside of the budget reconciliation process.

 A final tax cut package of up to $550 billion is still possible. If a House-Senate …

Housing Snapshot

Mortgage interest rates declined slightly last week, and remain about half a percentage point lower than they were in 2002; they have remained consistently below 6% since the beginning of this year. A smart March recovery in housing starts from winter doldrums and war angst in February suggested that the residential sector is still a bright spot for the economy. On the manufacturing front, the use of industrial capacity fell to 72.2%, the lowest level in 20 years. Production is up only 1% since December of 2001, making this the most sluggish manufacturing recovery on record.

Mortgage Interest Rates
30-Year Fixed-Rate	5.82%
15-Year Fixed-Rate	5.12%
1-Year ARM	3.79%
Housing Starts - Mar. 2003*
Total	1.78 million
Single-Family Starts	1.41 million
Multifamily Starts	366,000
New Home Sales Feb. 2003*	854,000
Existing Home Sales Feb. 2003*	5.84 million
* Seasonally adjusted annual rate