In This Issue:
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Top Story
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Congress Urged to Act Soon to Shore Up Housing, Economy
With the negative drag of the housing downturn now spilling over into other sectors of the economy and threatening to immerse the nation in a full-fledged recession, in a March 4 teleconference, NAHB Executive Vice President and CEO Jerry Howard and David Seiders, the association’s chief economist, urged Congress to move quickly to enact legislation to shore up the housing market.
“It is obvious to everybody that we are in the midst of a dramatic housing downswing, the deepest and most rapid since the Great Depression,” said Seiders, with a 10-month inventory of unsold new and existing homes clogging the marketplace.
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Lumber Prices Provided by Random Lengths
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| Framing Lumber Composite |
$
241
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down |
$
2
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| OSB Composite |
$
173
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up |
$
7
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| Southern Pine Plywood
Composite |
$
448
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down |
$
5
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With Permission from: RandomLengths.com |
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Layouts for Living
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Floor Plans: California Project Proves Green Can Be Affordable
Laurel Crest Apartments: Developed by Jamboree Housing Corporation
The Jamboree Housing Corporation’s Laurel Crest apartments in Lancaster, Calif. prove that it’s not only easy being green, it’s affordable as well.
Laurel Crest represents the epitome of eco-friendly, affordable housing in Los Angeles County’s fastest growing city and the 10th fastest nationwide. Jamboree’s quality construction and innovative onsite resident services also address the city’s charter to reverse a pattern of deterioration, increase the vitality of its neighborhoods and rekindle a sense of community pride.
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Housing Finance System Reform Needed to End Mortgage Crisis
NAHB on March 6 called on Congress to move quickly to enact comprehensive regulatory reform for housing government sponsored enterprises (GSEs) Fannie Mae, Freddie Mac and the Federal Home Loan Banks to ensure their financial safety and soundness and allow them to vigorously pursue their housing mission.
“At a time when the housing market needs them more than ever, Fannie Mae and Freddie Mac have failed to adequately respond to the mortgage crisis,” Jerry Howard, executive vice president and CEO of NAHB, told members of the Senate Banking Committee. “Rather than aggressively pursue market solutions, they are hunkering down to shore up financial results and shareholder returns — and are even taking steps that will further burden struggling mortgage borrowers.”
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58 Members Honored for 50 Years of Service to NAHB
Brian Catalde, 2007 NAHB president, led a special ceremony at the International Builders’ Show last month recognizing 58 NAHB members for giving 50 years of active service to the association. The members, honored during the board of directors meeting on Feb. 12, belong to more than 50 local builders associations across the country.
In addition to a round of applause from the board, the members received custom-designed commemorative pins and plaques acknowleging their long-term status as NAHB members.
The recognition program was the first of its kind for NAHB. Fifty-year members Robert Friedrich, of the Ames Home Builders Association in Iowa, and Sam Sisisky, of the Builders Association of Eastern Connecticut, developed the program for their fellow members.
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NAHB ‘Weathering the Economic Storm’ Videos Now Online
Eight free videos on “Weathering the Economic Storm” — a discussion by housing industry veterans at last month's International Builders’ Show on how to respond to the current economic downturn ― are now available on the NAHB Web site for immediate viewing.
On the seven- to eight-minute streaming videos, the seasoned professionals offer advice on marketing, building practices, financing and other key topics. Members can simply click on any or all of the video discussions to view them.
The videos include:
- Video 1 — Michael Sivage, Michael Sivage Homes and Communities, Albuquerque, N.M.: Introduction; Thoughts on the Downturn
- Video 2 — Robert Camp, Camp Corporation, Lakewood, Wash.: Reducing Interest Loss; Renting Standing Inventory; Bare-Bones Pricing
- Video 3 — Kevin Estes, Estes Builders, Sequim, Wash.: Staying Out of Trouble; Focusing on Sales and Marketing; Creating New Habits
- Video 4 — John Young, Young Homes, Rancho Cucamonga, Calif.: Dealing with Cancellation Rates; Getting the Right Financing; Maintaining Relationships
- Video 5 — Robert Hanbury, House of Hanbury, Newington, Conn.: Following the Remodeling Market; Diversifying Your Brand; Understanding Home Owner’s Equity
- Video 6 — Steve Lawson, The Lawson Companies Inc., Virginia Beach, Va.: Knowing Your Market; Setting the Right Price; Adjusting Your Product
- Video 7 — Tom Woods, TE Woods Construction Inc., Independence, Mo.: Focusing on Building; Analyzing Your Market; Building New Relationships
- Video 8 — Questions and Answers: Marketing During a Downturn; Renting Standing Inventory; Pricing and Buyer Incentives
The videos, available to members only, can be seen by clicking here.
To read a story in last week's Nation's Building News on the “Weathering the Storm” seminar, click here.
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| Interest Rates |
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30-Yr.
Fixed: 6.03% |
15-Yr.
Fixed: 5.47% |
5 Yr.
ARM: 5.34% |
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1 Yr.
ARM: 4.94% |
Libor
(3 months): 2.90% |
Prime: 6.00% |
| Housing
Starts* (January 2008) |
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Total: 1.01 million |
Single: 743,000 |
Multi: 269,000 |
| Home
Sales* (January 2008) |
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New: 588,000 |
Existing: 4.89 million |
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| Median
Home Prices (January 2008) |
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New: $216,000 |
Existing: $201,100 |
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| * Seasonally Adjusted Annual Rate |
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