June 27, 2011
Nation's Building News

The Official Online Newspaper of NAHB

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Lawmakers Join Industry Groups to Urge Revising Minimum 20% Down Requirement
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Left to right, front row: Sen. Kay Hagan (D-N.C.), Sen. Johnny Isakson (R-Ga.), Rep. John Campbell (R-Calif.) and Rep. Brad Sherman (D-Calif.). Back row: Representatives from the Coalition for Sensible Housing Policy, including NAHB CEO Jerry Howard, second from left.

A bipartisan group of U.S. senators and representatives last week joined with NAHB and other business and consumer groups in calling on federal regulators to revise a pending proposal that would require a minimum 20% downpayment for “qualified residential mortgages."

They argued that such a plan goes against the intent of Congress, would keep homeownership out of reach of most first-time home buyers and many middle-class households, and would deal a devastating body blow to the already fragile housing market.

“This rule is an overreach. If left as is, it would make recovery in the housing market almost impossible,” said Sen. Johnny Isakson (R-Ga.). ... Read More

Lumber Prices Provided by Random Lengths
Framing Lumber Composite $ 262 $ 0
OSB Composite $ 205 $ 1
Southern Pine Plywood Composite $ 400 $ 1
With permission from: www.randomlengths.com      
Layouts For Living
Floor Plans: So Sweet — Woodside Cottages Recreate 1930s-era Luxury in Hershey, Pa.
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The modular Woodside Cottages were built to evoke the 1930s-era rustic luxury in Hershey, Pa.

The Woodside Cottages in the heart of Hershey, Pa. — the self-proclamed “Sweetest Place on Earth!” — are the centerpiece of The Hotel Hershey's effort to recreate the 1930s-era rustic luxury for which it has become famous.

Built by modular home builer Simplex Industries based in Scranton, Pa., each of the six four-bedroom and four six-bedroom cottages offers guests comfort and luxury and providis sweeping views of the dense Pennsylvania woodlands surrounding the hotel. ...... Read More

Minnesota Sued in Latest Round of Kottschade Property Rights Fight

In the latest turn of a more than decade-long fight for his property rights, Frank Kottschade earlier this month took the state of Minnesota to court for paying him far below the market value of 28 acres of his property that were taken through the power of eminent domain to expand an adjacent highway.

The state paid him roughly $875,000, but appraisers have put the value of the property in excess of $10 million because of the development potential of the land and its valuable gravel deposits. Kottschade was receiving $5 per yard for the gravel, which the Minnesota Department of Transportation used for its road project. ...... Read More

Housing Snapshot
Interest Rates  
30-Yr. Fixed: 4.50% 15-Yr. Fixed: 3.69% 5 Yr. ARM: 3.25%
1 Yr. ARM: 2.99% LIBOR (3 months): 0.25% Prime: 3.25%
Housing Starts*  (May 2011)
Total: 560,000 Single: 419,000 Multi: 141,000
Home Sales*  (May 2011)
New: 319,000 Existing: 4.81 million  
Median Home Prices  (May 2011)
New: $222,600 Existing: $166,500  
* Seasonally Adjusted Annual Rate

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