Thursday, February 28, 2008

NAHB - "Home Buyer Tax Credits Needed To Jump Start Housing And The Economy" (2-28-08)

"With the housing industry facing its greatest crisis since the Great Depression and the economy teetering near recession, the National Association of Home Builders (NAHB) today called on Congress to move quickly to enact a second round of economic stimulus directed squarely at the housing sector. Specifically, NAHB believes the best policy is to create a tax credit for the purchase of a home."

CBIA - "New-Home Production Continues Slide in Beginning of ’08, CBIA Announces" (2-28-08)

"According to housing permit data supplied by the Construction Industry Research Board, total housing starts in California, as measured by building permits issued, dropped 53 percent in January when compared to the same month a year ago to 4,700 units. Production of single-family homes fell 62 percent while construction of multifamily units decreased 34 percent when compared to January of 2007."

Bloomberg - "Fannie Mae May Have Financial Rating Cut by Moody's" (2-28-08)

"
Fannie Mae, the largest source of money for U.S. home loans, may have its bank financial strength rating cut by Moody's Investors Service because of a record $3.55 billion fourth-quarter loss."

Bloomberg - "Americans Plan to Save, Not Spend, Tax-Rebate Checks, Poll Says" (2-28-08)

"
The stimulus plan Congress approved this month may provide less of a jolt to the U.S. economy than intended, as most Americans plan to save rather than spend their tax rebates, a Bloomberg/Los Angeles Times survey shows. Only 18 percent of respondents said they will spend their rebate on purchases, while slightly more than three in 10 said they prefer to use the money to pay off debt, and a third said they'll pocket it."

Bloomberg - "Fannie Lenders Pushed to Give Up In-House Appraisers, Memo Says" (2-28-08)

"
Fannie Mae, the biggest source of financing for U.S. home loans, may force lenders it buys mortgages from to give up using in-house employees or mortgage brokers to arrange residential property appraisals. New York Attorney General Andrew Cuomo subpoenaed mortgage securitizers Fannie Mae and Freddie Mac in November as part of an industrywide probe that includes looking for over-inflated home valuations. In response, Fannie Mae distributed a list of potential policy changes in a memo to lenders this week, according to a person familiar with the document. The memo was published on American Banker's Web site on Feb. 26."

Bloomberg - "City Developments Fourth-Quarter Profit Rises 71%" (2-28-08)

"
City Developments Ltd., Singapore's second-largest developer, said fourth-quarter profit rose 71 percent after home prices surged to an 11-year high in the city. Net income rose to S$235 million ($168 million) in the three months ended Dec. 31, from S$137.3 million a year earlier, the company said today in a statement to the Singapore stock exchange. Full-year profit climbed to S$725 million, or 76 cents a share, from S$351.7 million, or 36.6 cents, beating the S$616.6 million average estimate of eight analysts Bloomberg surveyed."

Los Angeles Times - "Valley Meltdown: Home prices down 24% in seven months" (2-28-08)

"The median price of a San Fernando Valley home plunged a record $113,000 in January from a year ago and sales sank to an all-time low as credit and foreclosure problems further pounded the market, a trade association said Wednesday."

Orange County Register - "
Is commercial real estate the next bubble?" (2-28-08)

"Attendees at a real estate summit in Newport Beach said Wednesday that the slowdown in housing will impact commercial real estate. The only question is how much. Asked if commercial real estate will be the next bubble, some at the Buchanan Street Partners ‘ seventh annual summit said 'No,' but there’s definitely a slowdown in sales due to the tightening of credit. Others said there’s no doubt that there’s a bubble that’s about to burst. Here’s a sampling of their comments:"

Real Estate Journal - "Decline in Home Prices Picks Up Pace" (2-28-08)

"The decline in U.S. home prices accelerated in the fourth quarter, according to two leading barometers, compounding two of the biggest threats facing the nation's economy: faltering consumer spending and tight credit markets."

Real Estate Journal - "Four Pricing Tricks to Help Sell Your Home Faster" (2-28-08)

"If you're selling a car or a house in today's sluggish economy, make sure the price is right. Americans are constantly buying stuff. But most of us don't do a whole lot of selling -- which means we don't have much experience at setting prices. Want to improve your odds of finding a buyer? As you try to unload your car or your home, consider these four pricing tricks."

No comments: