Nation's Building News Online

Third Biggest Tax Cut in History Paves the Way for Economic Growth

At a special ceremony in the East Room of the White House attended by NAHB President Kent Conine and other business leaders, President Bush on May 28 signed into law a 10-year, … [ MORE ]

Building News From Coast to Coast

• As Housing Buoys Economy, It's No Surprise to Fed's Chairman
• Growth Plans Often Ignored
• City to Promote Neighborhoods
• Fulton Eases Home Buying
• Energy Efficiency Could Lead to Lower Rates
• The Lure of a Loft
• State Paves Way for Beverly Hills Project
• Cambridge, Massachusetts, Tops Million-Dollar Market

[ MORE ]

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Ruling Finds Canadian Lumber Duties Unwarranted

In an interim ruling on May 27, the World Trade Organization (WTO) concluded that countervailing duties imposed by the U.S. Commerce Department on imports of Canadian softwood lumber were based on an invalid calculation that Canadian producers were subsidized.

Under international agreements ratified by the U.S. Congress in 1994, the Commerce Department cannot impose a countervailing duty unless it finds that foreign producers are receiving government subsidies, and it defines the methods that may be used to determine those subsidies. The WTO found that the Commerce Department didn't follow the rules. …  …[ MORE ]

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Housing Snapshot

Interest rates on fixed-rate mortgages hit another record low last week, and there were indications that consumers are increasing their spending. The Commerce Department announced that GDP growth in the first quarter was 1.9%, up from its original 1.6% estimate, and economists continue to hope for more rigorous growth in the second half of this year, with some signs that the manufacturing sector may be coming out of its hibernation. Announcements of healthy gains in new and existing home sales in April got the stock market off to an encouraging start on the Tuesday following the Memorial Day holiday, and stocks gained ground throughout the week. [ MORE ]

Mortgage Interest Rates

30-Year Fixed-Rate: 5.31%
15-Year Fixed-Rate: 4.73%
1-Year ARM: 3.63%

Housing Starts - Apr. 2003*

Total: 1.63 million
Single-Family Starts: 1.36 million
Multifamily Starts: 274,000

New Home Sales Apr. 2003*

1.028 million

Existing Home Sales Apr. 2003*

5.84 million

* Seasonally adjusted annual rate

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