Building News
From Coast to Coast

n U.S. Should Help Unite Housing Industry, Says Report

n They Conserve Resources While Putting Up Buildings

n A Home's Foyer Is Like a Window to Its Soul

n Logs and Light

n Ohio Builders Start to Consider Building Concrete Houses

n Creating Space Fit for a Mother-in-Law

n Garage Doors Designed to Do the House Proud

n Inspiration From Above

What has been the most effective way of finding workers for your business?

	Word of mouth.
	Newspaper ads.
	Internet employment sites.
	Other.
	Don't know.

Freddie Mac Announces Major Changes in Corporate Leadership

Freddie Mac, the nation’s second largest buyer of mortgages, on June 9 reported a major change in its top corporate leadership. The change came five months after Freddie Mac announced that the company was restating its income for the previous three years.

The Freddie Mac Board of Directors elected Gregory J. Parseghian as chief executive officer and president and Paul T. Peterson as chief operating officer. Martin F. Baumann, who previously served as executive vice president of finance, was appointed as chief financial officer and Shaun O’Malley was named as non-executive chairman of the board. 

Stepping down were Leland C. Brendsel, from his position as chairman …

Housing Snapshot

Fixed-rate mortgages last week declined for the eighth consecutive week, hitting yet another new low, as the nation's economy continued to display signs of weakness and expectations grew for the Federal Reserve to cut its overnight interest rate further when it meets later this month. Unemployment in May climbed to a nine-year high of 6.1% as 17,000 jobs were lost. The economy has shed 2.5 million jobs since March 2001. Economists still believe that growth will accelerate into the 3.5%-4% range later this year, at which point, according to Freddie Mac Chief Economist Frank Nothaft, there will be "a gentle upswing" in mortgage rates.

Mortgage Interest Rates
30-Year Fixed-Rate	5.26%
15-Year Fixed-Rate	4.66%
1-Year ARM	3.59%
Housing Starts - Apr. 2003*
Total	1.63 million
Single-Family Starts	1.36 million
Multifamily Starts	274,000
New Home Sales Apr. 2003*	1.028 million
Existing Home Sales Apr. 2003*	5.84 million
* Seasonally adjusted annual rate