NBN Online for the week of October 1, 2007

Sustaining Economic Growth Key for Housing Turnaround

Continued growth in the nation’s economy is the best guarantee of a revival in demand for new and existing homes, NAHB Chief Economist David Seiders said in his latest “Eye on the Economy” column, and the heartening news is that the Federal Reserve appears ready to help foster the ongoing economic expansion however it can.

Beset by mortgage market woes, eroding house values in a growing number of areas and “a hefty shove from the media,” housing is continuing to lose momentum, Seiders said.

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Weathering Economic Downturn Discussion Available Online

At a special panel discussion on Sept. 7 during the NAHB Fall Board of Directors Meeting in Seattle, veteran builders offered tips on how to weather today's tough times. Video highlights of that presentation are now available online.

To view them, NAHB members can click here on the NAHB Web site.  

Housing Slump Snags Spending on Home Improvements

The current housing downturn is starting to take a noticeable toll on remodeling expenditures for home improvements, according to the latest forecast for the industry from economists at NAHB, although the weakness will be offset to some extent by the growing demand for projects to patch and spruce up homes so that they are more attractive to potential buyers in a slow market.

“While residential remodeling expenditures remained relatively strong through 2006, the ongoing housing market contraction, coupled with the sharp deceleration in house price appreciation, will curb growth in 2007 and 2008, before expenditures recover in 2009,” according to the NAHB forecast.