Nation's Building News Online

Harvard Report Finds the Decade Is Shaping Up as Another Strong One for Housing

Another strong decade is shaping up for the nation's housing industry, according to a report from the Joint Center for Housing Studies of Harvard University released last week, although … [ MORE ]

Building News From Coast to Coast

• New Drywall Resists Mold, Mildew
• Builders Offering Money to Schools
• Future Home Builders Look to 'Bank Land' Before It's Gone
• Single Women Buy Into Homeownership
• Affordable Housing Bill Set Aside
• 'Urban Villages' Lifting Off
• Building Limits OK'd in Harford
• Beatle-Mania Infests Desert Homes

[ MORE ]

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Low Mortgage Rates Not Enough to Solve Affordability Woes, NAHB President Says

The low mortgage interest rates that have helped produce banner years for the nation's housing markets aren't a cure-all for the affordability problems that remain a major stumbling block for many working families, NAHB President Kent Conine told a press conference at PCBC® 2003 in San Francisco last week.

“Despite record-low interest rates and record new home sales last year, many people are still finding it difficult to become home owners or to find affordable rental housing,” Conine said.

The problem is particularly acute for minority families …  …[ MORE ]

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Housing Snapshot

The catalysts for faster growth are in place, and this summer could bring the long-awaited economic turnaround. The $350 billion tax package is in place, and taxpayers will start seeing some of its benefits next month. The Federal Reserve is expected on Wednesday to lower its federal funds interest rate to the lowest level since the second term of President Eisenhower. In the meantime, housing keeps churning out more good news. Freddie Mac Chief Economist Frank Nothaft is projecting that 2003's mortgage originations will grow to $3.3 trillion, a 30% leap from last year's record. Close to one-half of all single-family debt outstanding at the end of 2003 will have originated this year, he said, and families are expected to extract $100 billion from their equity. Construction has created some 83,000 jobs since February. [ MORE ]

Mortgage Interest Rates

30-Year Fixed-Rate: 5.21%
15-Year Fixed-Rate: 4.62%
1-Year ARM: 3.51%

Housing Starts - May 2003*

Total: 1.73 million
Single-Family Starts: 1.38 million
Multifamily Starts: 354,000

New Home Sales Apr. 2003*

1.028 milliion

Existing Home Sales Apr. 2003*

5.84 million

* Seasonally adjusted annual rate

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