NBN Online for the week of June 23, 2008

Worst Housing Slump in 50 Years Has Not Run Its Course

The current housing downturn is shaping up to be the worst in 50 years, and it has not yet run its full course, according to the annual “State of the Nation’s Housing" report issued on June 23 by the Joint Center for Housing Studies of Harvard University.

“Despite product cuts rivaling those in the 1978-1982 downturn, the number of vacant for-sale homes on the market did not shrink in the first quarter of 2008,” the report says.

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Congress Urged to Pass Housing Stimulus Bill Now

NAHB has initiated an all-out effort to get Congress to pass badly needed stimulus legislation that will help stabilize the economy and housing market and assist millions of current and potential home owners. A central component of this legislation is a temporary home buyer tax credit to stimulate home purchases by qualified first-time buyers.

With the goal of urging lawmakers to act before their July 4th recess, NAHB is waging its effort on several fronts, including a grassroots lobbying initiative among the association’s 235,000 members and an ongoing national advertising campaign.

Among NAHB’s more visible efforts are this week’s placement of “An Open Letter to Congress” ad in The Washington Post and USA Today and two of the most widely read publications on Capitol Hill, Roll Call and Politico.

South New Jersey Builders Not Dogged by Big Home Inventory

Responding to the concerns of prospective buyers about conditions in the local real estate market, the Builders League of South Jersey (BLSJ) launched a public information campaign in early May, with a new www.buynewitstime.com Web site as its centerpiece to tell consumers why waiting to buy might not be such a bright idea.

“While New Jersey is in the middle of a market correction after 15 years of home prices steadily rising, South Jersey is not experiencing the woes faced by other areas of the country,” said Bob Brown, the association’s president. “The bad news on the national housing market, however, is feeding consumers’ fears about investing in a home and their future.”