Building News
From Coast to Coast

n For Kids, Sharing a Room Is So 15 Minutes Ago

n Builder, Buyer Use Eye in Sky to Watch Home Rise on Web

n The Ranch House, an American Icon, Gets Some New Looks

n Empty-Nesters Face Home Improvement Decisions

n Shifting Tastes

n County OKs Impact Fees for Schools

n New Rules on Treated Wood to Change the Backyard World

n New Floor Finishes for Garages Are Getting Top Marks

Do you expect to be hiring more employees in the year ahead?

	No, we will have fewer employees.
	No, the size of our workforce should stay about the same.
	Yes, we expect to hire a few more workers.
	Yes, we expect to step up our hiring significantly.
	Not sure.

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Nation's Building News in Print Returns
Check you mailbox this week. It should be arriving soon.

NBN Online Is Taking Next Week Off
We're in Boston this week for the 2003 NAHB Fall Board of Directors meeting. We'll resume publication on Sept 29.

Report Identifies Alternative Ways to Pay for Infrastructure

At a time when a growing number of state and local governments are experiencing severe budget problems and looking for alternatives to traditional ways of financing and managing infrastructure …

Housing Snapshot

Mortgage interest rates declined last week, but the refinancing boom is winding down. Refinancings — which have helped bolster consumer spending despite a plodding economic recovery — now account for less than 50% of new mortgage applications, down from 75% in the first half of 2003, and economists at Freddie Mac expect that share to drop to less than 30% next year. The stock market posted a modest decline last week as consumers continued to voice concern over the outlook for jobs and there was little compelling good economic news. The Federal Reserve was expected to keep its federal funds rate at 1%. Many economists now believe that the Fed won't see a need to increase interest rates until at least next spring and that Chairman Greenspan remains concerned about the inflation rate becoming too low. Many economists also believe that this year's fourth quarter will produce gains on the job front as businesses decide the time has come to start gearing up for more activity.

Mortgage Interest Rates
30-Year Fixed-Rate	6.16%
15-Year Fixed-Rate	5.46%
1-Year ARM	3.87%
Housing Starts - Jul. 2003*
Total	1.87 million
Single-Family Starts	1.52 million
Multifamily Starts	351,000
New Home Sales Jul. 2003*	1.165 million
Existing Home Sales Jul. 2003*	6.12 million
* Seasonally adjusted annual rate