Week of November 17, 2008
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NAHB Contests ICC Vote Mandating Fire Sprinklers

Citing a failure of the International Code Council to provide a fair and open voting process at its Final Action Hearings in Minneapolis in September, NAHB has filed an appeal to the ICC to set aside code changes mandating fire sprinklers in all new one- and two-family homes constructed under the 2009 International Residential Code (IRC) and to consider changes that would restore balance to its voting process.

In a letter submitted on Oct.  30, NAHB asked the ICC to “take immediate action to eliminate the influence of third-party funding in the voting process” and “undertake corrective action(s) ... by restoring the principle of balance of interest in the selection of Governmental Member Voting Representatives.” ...

Framing Lumber Composite $ 224 $ 3
OSB Composite $ 191 $ 2
Southern Pine Plywood Composite $ 409 $ 0
With permission from: www.randomlengths.com 
 

Builders Can Find Alternate Funding Sources Close to Home

With funding from banks and private investors difficult to secure, real estate finance experts participating in a Nov. 13 NAHB audio seminar advised builders and developers to mine their personal and professional contacts as alternate funding sources.

When seeking capital for new projects, Tom Stephani, of Stephani Enterprises, Inc. and Custom Construction Concepts, Inc., of Crystal Lake, Ill., said that the first source of funding is the builder’s own equity.

“The second place I go is to look at the landowner, who can use their land as a subordinated position to any bank debt,” said Stephani. ...

Read More in Nation’s Building News — Win a Full IBS Registration

Click on and read five or more stories in this issue of Nation’s Building News and you automatically will be entered in a contest to win a full registration to the 2009 International Builders’ Show in Las Vegas on Jan. 20-23.

Full registration — $425 for members and $575 for non-members — gives attendees access to four days of exhibits on one million net square feet of exhibit space, all the educational sessions at IBS and new, daily-featured speakers who will give you pointers on how to navigate the downturn.

Continue Reading the Industry News That Is Important to You

There are no forms or paperwork to fill out to enter this contest. Just read more about what’s important to you and your business in Nation’s Building News each week.

One avid reader will be selected randomly each week through the Dec. 22 issue. So read more in every issue until then to improve your chances of winning — and to put your business in a better position during the downturn. ...

Interest Rates  
  30-Yr. Fixed: 6.14% 15-Yr. Fixed: 5.81% 5 Yr. ARM: 5.98%
  1 Yr. ARM: 5.33% Libor (3 months): 2.24% Prime: 4.00%
Housing Starts*  (September 2008)
  Total: 817,000 Single: 544,000 Multi: 273,000
Home Sales*  (September 2008)
  New: 464,000 Existing: 5.18 million  
Median Home Prices  (September 2008)
  New: $218,400 Existing: $191,600  
* Seasonally Adjusted Annual Rate

   
 
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