Nation's Building News Online

Zero Energy Home Celebrates Earth Day

John Wesley Miller is celebrating Earth Day by opening the doors of his new Zero Energy Home to the public.

Developed by The John Wesley Miller Companies in the in-town neighborhood of Armory Park del Sol in Tucson in partnership with the NAHB Research Center and Tucson Electric Power, the home is designed to produce as much energy as it consumes.

The home combines … [ MORE ]

Building News From Coast to Coast

• Growing Scarcity of Land Alters Home Economics
• Cities Making New Pitches to Reverse Decades of Population Loss
• Property Tax Tops List of Least Favorite Taxes
• Retaining Generation Y: Housing Policies Could Run Group Off
• Zero Inflation in March After Excluding Energy
• Including Women in the Mix
• Condo Comeback in Sacramento
• Home Improvers to Spend More, But Follow Budget

[ MORE ]

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Congress Delays Decision on Tax-Cut Stimulus

In an unprecedented compromise, the House and Senate on April 11 resolved the differences between their respective budget resolutions in a conference. The House approved the budget resolution by a margin of 216-to-211; it narrowly passed in the Senate by a 51-to-50 vote, with Vice President Dick Cheney casting the tie breaker.

The final resolution permits House lawmakers to enact a tax cut bill of up to $550 billion. The Senate can craft a tax cut package of up to $350 billion, which will be allowed to pass by a simple majority instead of the 60-vote margin that is required outside of the budget reconciliation process.

 A final tax cut package of up to $550 billion is still possible. If a House-Senate …  …[ MORE ]

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Housing Snapshot

Mortgage interest rates declined slightly last week, and remain about half a percentage point lower than they were in 2002; they have remained consistently below 6% since the beginning of this year. A smart March recovery in housing starts from winter doldrums and war angst in February suggested that the residential sector is still a bright spot for the economy. On the manufacturing front, the use of industrial capacity fell to 72.2%, the lowest level in 20 years. Production is up only 1% since December of 2001, making this the most sluggish manufacturing recovery on record. [ MORE ]

Mortgage Interest Rates

30-Year Fixed-Rate: 5.82%
15-Year Fixed-Rate: 5.12%
1-Year ARM: 3.79%

Housing Starts - Mar. 2003*

Total: 1.78 million
Single-Family Starts: 1.41 million
Multifamily Starts: 366,000

New Home Sales Feb. 2003*

854,000

Existing Home Sales Feb. 2003*

5.84 million

* Seasonally adjusted annual rate

Sponsored by: Countrywide Home Loans

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