NBN Online for the week of March 19, 2007

Builders Testify on Housing Finance System Reform

NAHB testified before the Congress on March 15 on several solutions to enhance H.R. 1427, the Federal Housing Finance Reform Act of 2007, legislation that would strengthen the regulation of the housing government-sponsored enterprises (GSEs) Fannie Mae, Freddie Mac and the Federal Home Loan Banks. The proposals would ensure the ongoing financial safety and soundness of the GSEs, while preserving the vitality of their government-sponsored status for the fulfillment of their vital housing mission.

“With the introduction of H.R. 1427, NAHB is pleased to see a continuation of the ongoing bipartisan movement towards comprehensive GSE regulatory reform legislation,” Jerry Howard, NAHB CEO and executive vice president, told members of the House Financial Services Committee.

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‘Buy Now’ Advertising Assistance Grants Going Fast. Apply Now.

If your local association is currently engaged in an ongoing advertising campaign in print, radio or television outlets, or if you are planning such a campaign, have your association apply for a “Buy Now” advertising assistance grant from NAHB. HBAs from around the country have already applied. 

To date, 34 local associations have applied for advertising assistance grants from the $1 million to be awarded during the first phase of the program. NAHB currently has approved 19 requests totalling $584,000. Another $2 million will be made available if the program is successful.

NAHB launched the multi-million dollar grant program last month to assist local home builders associations in an effort to bolster home sales in markets hit hard by the current housing downturn and help offset the cost of local ad campaigns.

Some States Emerging From Housing Boom's Dark Shadow

Housing markets with the biggest booms in 2004 and 2005 will generally be the slowest to return to normal levels of activity and those that showed more restraint will be the first to get back on track, according to a regional industry outlook for single-family production in 2007 and 2008 released by NAHB economists this week.

The major exception is the Midwest, the hardest-hit region of the country where some key markets that have been languishing because of weak local economies aren’t likely to see brighter horizons until next year as job and income growth gradually improve.

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