NBN Online for the week of July 3, 2006

Buyers Market in California Likely to Be Short-Lived

In a state whose tough regulatory climate has made it difficult for home builders to keep up with the demand for housing, most major markets have now entered into a relatively mild slowdown that will stabilize conditions as levels of existing inventory are worked down, according to representatives from the industry appearing at PCBC in San Francisco toward the end of last month.

“The next two to four months will be a telling time for us,” said Layne Marceau, chairman of the California Building Industry Association (CBIA) and a division president of Shea Homes. Comparing today’s predicament to one faced by car dealers every year, the association leader said that builders will be busy “moving ’06s off the lot so we can get ’07s in.”

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Nation's Building News Will Not Be Published July 10

Nation's Building News will not be published on July 10. Publication of NAHB's official online e-newspaper will return to its regular weekly schedule with the July 17 issue. 

Report Finds Wide Use of Home Owner Tax Preferences

In 2003, the average home mortgage interest deduction averaged $9,650 among the 35 million households who claimed it on their tax returns, and an average of $3,000 was reported by the 39 million who deducted their real estate taxes, making these two of the most widely used and important preferences in the federal tax code, according to a new NAHB study.

Using the most recent IRS data available, the report provides an in-depth analysis of the use of the mortgage interest and real estate deductions in each of the 435 congressional districts across the country.