NBN Online for the week of March 23, 2009

Job Losses Compound Multifamily Housing Woes

With the children of parents born during the post-World War II baby boom nearing a time when they will form households and rent apartments in large numbers, the nation’s multifamily housing industry is looking forward to a glowing future. In the meantime, however, times have grown exceedingly tough for the multifamily sector, which declined sharply following last fall’s meltdown in the credit markets and is weakening further as the nation’s economic recession and job losses intensify.

Industry leaders and housing economists participating in NAHB Multifamily’s Pillars of the Industry Conference in San Diego on March 17-18 noted that the production of multifamily housing has plummeted and said that it will take some time before the marketplace returns to normal.

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Lumber Prices Provided by Random Lengths

U.S. Transportation Department Warns Members of Scam Faxes

NAHB members who are current or potential contractors with the U.S. Department of Transportation (DOT) should beware of fraudulent faxes that could lead to identity theft and that ostensibly are being sent to them by DOT.

The faxes, which are not from DOT but appear with a DOT letterhead, request bank account information on an “Authorization to Release Financial Information” form. They also are signed by someone claiming to be a “Senior Procurement Officer” at DOT.

The DOT Inspector General cautions that anyone who receives a fraudulent fax should not respond. DOT does not request financial information from prospective contractors wishing to submit a bid proposal or quote.