Nation's Building News Online

Demand for Rental Housing Poised for Improvements in 2005

With jobs getting back to pre-recession levels and the nation’s workforce … [ MORE ]

Building News From Coast to Coast

• Temperatures Rise, Utility Bills Drop
• Blaze Probe Shows Tie to Eco-Terrorists
• Construction Theft a Growing Concern
• True Crime — Mapping Tools Help Apartment Firms Assess Their Risk
• Yoga Rooms Are All the Non-Rage
• Home and Family: Shopping Around
• Log Homes Offer Her New Path
• St. Louis Downtown Population Is Increasingly Single, Young and Growing

[ MORE ]

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Help Tsunami Victims Rebuild Their Homes

Many NAHB members already have responded to the devastating earthquake and tsunami disaster in South Asia by generously giving to numerous relief agencies that are providing vital emergency assistance to the survivors. As the relief effort continues and moves from the acute, emergency phase into long-term recovery, the home building industry is rallying to address the need for temporary and permanent shelter in the tsunami-affected nations.

Over the years, NAHB and its members have united to help those in need, demonstrating time and again that Home Builders Care, a philosophy as well as a call to action that is emblematic of the industry's commitment to community service and charitable causes.

In response to an overwhelming need for permanent shelter, NAHB and the National Housing Endowment have established the Home Builders Care/National Housing Endowment-Tsunami Shelter Fund to raise desperately needed funds.

With an initial donation of $250,000, designated by the NAHB Board of Directors at the International Builders’ Show, the fund will be directed to rebuilding efforts that provide temporary and permanent shelter for survivors.

Please help by making a tax deductible donation to the Home Builders Care/National Housing Endowment-Tsunami Shelter Fund. Money raised by the National Housing Endowment will be granted to one or more U.S. charitable relief organizations working to help tsunami survivors obtain temporary and permanent shelter.

Please direct your donation check to:

National Housing Endowment
1201 15th Street NW
Washington, D.C. 20005

Checks should be made payable to the National Housing Endowment and, in the memo section, please note the Tsunami Shelter Fund.

The NAHB Senior Officers have selected Past President Bob Mitchell to oversee and guide this fundraising effort.

Senate Passes Class Action Bill, House Approval Expected This Week

Legislation approved by the Senate on Feb. 10 that would help curb frivolous class action lawsuits …  …[ MORE ]

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Housing Snapshot

Mortgage interest rates continued to nudge downward last week despite the Federal Reserve's ongoing efforts to tighten its monetary policy. Freddie Mac Chief Economist Frank Nothaft credited weaker-than-expected employment figures in January for the decline, and he noted that the rate on one-year adjustable rate mortgages last week fell for the first time in five weeks. "According to Freddie Mac's weekly survey, interest rates on 30-year, fixed-rate mortgages have not risen above 6% in at least six months, which has helped to keep the housing market bustling. As a matter of fact, we are forecasting that long-term mortgage rates will average only about 6% for the year," Nothaft said. The biggest news for the nation's economy last week came from the Commerce Department, which announced a record $616.7 billion U.S. trade deficit for 2004, a 24% leap over the prior year. As a share of the Gross Domestic Product, the trade deficit rose from 4.5% in 2003 to 5.3% last year. The figure for December, however, showed some decline. Lumber prices continued to move forward aggressively last week, though it was not clear how much longer the upward trend will continue. The cost of framing lumber rose from $404 per 1,000 board feet to $422 last week, according to Random Lengths. The panel composite price, which includes plywood and oriented strand board, rose from $424 per 1,000 square feet to $455. [ MORE ]

Mortgage Interest Rates

30-Year Fixed-Rate: 5.57%%
15-Year Fixed-Rate: 5.10%%
1-Year ARM: 4.11%%

Housing Starts - Dec. 2004*

Total: 2.004 million
Single-Family Starts: 1.678 million
Multifamily Starts: 326,000

New Home Sales Dec. 2004*

1.098 million

Existing Home Sales Dec. 2004*

6.69 milliion

* Seasonally adjusted annual rate

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