NBN Online for the week of September 24, 2007

Washington Moving Fast to Ease Mortgage Credit Crunch

Following adoption of comprehensive policy by the NAHB Board of Directors on Sept. 8 calling on the Federal Reserve Board, the Administration, Congress and federal regulators to take prompt action to address further erosion in housing and prevent a full-blown economic recession, significant steps were taken in Washington last week to stabilize the financial markets, restore the mortgage markets to health and develop solutions to the subprime and foreclosure problems.

“I am pleased to report that less than two weeks after we left Seattle, we have seen important progress in all these areas as Washington policymakers have responded to our concerns,” NAHB Brian Catalde said in a Sept. 21 memorandum to the association leadership.

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Home Buying Conditions Better Than the News Media Say

As consumer confidence in housing has weakened under a barrage of negative media coverage sensationalizing the current mortgage credit crunch, NAHB has been stepping up its efforts to inform the public of the positive opportunities for buying a new home.

“There are some serious problems in today’s mortgage market and the availability of financing is not what it should be,” according to an NAHB op-ed piece that association members can find in the online “Back to Basics” Toolkit, along with two similar buy-now messages that are being used by the executive officers.

NAHB ‘Buy Now’ Grant Program Ends, With $3 Million Disbursed

NAHB’s “Buy Now” Advertising Assistance Program ended last month with $3 million disbursed to 168 associations around the country. Launched at the 2007 International Builders' Show in February, the program provided funds to support advertising campaigns of builders associations in areas hard-hit by the housing downturn.

The grant amounts ranged from $5,000 to $75,000, and went to associations in 42 states. For a list of the HBAs that received grants, click here. To view a map of the distribution, click here.  

Four grants were awarded to associations in the top 10 major media markets, 89 to medium-sized HBAs and 75 to HBAs with less than 250 members — supporing more than $8.3 million in advertising.

For more information, e-mail Gwyn Donohue at NAHB, or call her at 800-368-5242 x8447.