Clock Running Down on First-Time Home Buyer Tax Credit

With the clock running down on the $8,000 tax credit for first-time home buyers and less than four months to go, builders are urging qualified prospective buyers to start the sales process long before the Nov. 30 deadline.

Faulty appraisals that have been using foreclosed properties as comparables for new homes have been slowing down the sales process in many instances, builders warn, creating hiccups in the financing stage that can often push the closing date much later than originally expected. ...

NAHB Asks Bank Regulators for Prompt Action on Faulty Appraisals

In a July 27 letter, NAHB has asked banking agencies for guidance to instruct appraisers on the proper procedures for using distressed or foreclosed properties as comparables in new single-family home appraisals.

“We have noticed that some appraisers are frequently using distressed and foreclosed property sales as comparables in conjunction with appraisals on single-family home sales without properly adjusting the comparable property values to reflect the relative conditions of the properties,” the letter said. ...

Compliance With Storm Water Rules Serious Business

Even as the U.S. Environmental Protection Agency considers more stringent regulations on storm water management for construction sites, it remains important for builders and developers to comply with the rules now in place, according to storm water regulation expert Jennifer Hildebrand of Weis Builders Inc. and Washington area builder Chuck Ellison of Miller and Smith.

The two appeared on a July 28 webinar by NAHB to discuss the storm water regulation challenges confronting the housing industry. ...