NBN Online for the week of December 3, 2007

Turning Housing Around Top Priority For Treasury Secretary

Calling the current housing market downturn “the biggest challenge to our economy,” Treasury Secretary Henry Paulson told the Office of Thrift Supervision's National Housing Forum on Dec. 3 that the Administration is moving quickly to limit foreclosures and looking to Congress to assist in that effort and expand home financing opportunities through modernization of the Federal Housing Administration.

“NAHB applauds the federal government and the banking industry for coming together on an issue that is important to the American people and the economy,” said Jerry Howard, the association’s executive vice president and CEO, in commenting on the Treasury Department's efforts on foreclosure prevention with key mortgage lending and investment interests. “We encourage all parties to work out the details on this complex process as quickly as possible, and NAHB is committed to helping in any way.”

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Home Price Changes Vary Among Top 20 Markets

Home appreciation rates vary significantly among the nation’s top markets, according to the latest monthly S&P/Case-Shiller home price statistics tracking the 20 largest metro areas in the U.S.

“We need to put these numbers in proper historical context by analyzing them over the long term, rather than in one-year increments,” said NAHB President Brian Catalde. “These statistics also reaffirm that all housing markets are local, and conditions in them are dictated by the local economy and job market.”