Archive for May, 2009

Government data are expected to show that new home sales inched up in April, rising for the second straight month as builders start to see long-awaited encouraging signs about the housing market.

New home sales likely rose last month to a seasonally adjusted annual rate of 360,000 units, from 356,000 units in March, according to economists surveyed by Thomson Reuters.

Full Story

A front porch is more than a shelter from the elements. It’s a friendly face on a home, a comfortable bridge between our private lives and our public selves. And almost by its very presence, it conveys neighborliness.

Is it any wonder, then, that in a country where families are often scattered and relocations common, we’d crave a return to the community-building powers of the porch?

Full Story

LOS ANGELES — The National Association of Home Builders says its housing market index increased for the second month in a row in May, reflecting growing optimism on the part of many builders.

While still near historically low levels, the Washington-based trade association said Monday the index rose two points to 16, it’s highest reading since September.

Full Story

NEW YORK (Dow Jones)– After being saddled with unsold inventory following the housing crash, many home builders all but halted building homes without a signed contract.

But now, the taboo is slowly wearing off so-called “spec” inventory.

Builders realize many buyers want to sell their home before buying again, while first-timers who must close before Dec. 1 to tap the federal tax credit need to ink deals soon. There’s also fierce competition from existing inventory and bargain-priced foreclosures. “In order to be competitive today, you have to have inventory to move into to get a lot of buyers,” said Brent Anderson, vice president of investor relations for Meritage Homes Corp. (MTH). “They want something that’s either completed or nearly completed. If you don’t have inventory on the ground, then you might be out of luck.”

Full Story

In the first two months of its existence, more than 600,000 homebuilders across the U.S. have sold homes using the new $8,000 federal tax credit. President Barack Obama signed the American Recovery and Reinvestment Act of 2009 into law in February. As part of $787 billion in economic stimulus measures, the legislation created a homebuyer tax credit that is bigger and better than the previous credit that was implemented in July 2008.

The Web site www.federalhousingtaxcredit.com explains in detail the provisions of the new tax credit. In a nutshell, it:

Full Story

Despite huge cuts in the residential construction business, Dallas-Fort Worth still ranks second in the country in new-home sales and starts.

Only Houston had more new-house construction and sales during the 12-month period ending in March, housing analyst Metrostudy Inc. said Tuesday in a new report.

Full Story

WASHINGTON - A modest rebound in single-family home construction in April raised hopes Tuesday that the three-year slide in housing could be bottoming. But with the supply of unsold homes bulging, foreclosures rising and prices falling, no broad recovery is expected until next spring at the earliest.

The Commerce Department said construction of new homes and apartments fell 12.8 percent last month to a seasonally adjusted annual rate of 458,000 units — the lowest pace on records going back a half-century. Applications for new building permits dropped 3.3 percent to an annual rate of 494,000, also the lowest on record.

Full Story

Two recent residential foreclosure reports show seemingly contradictory data – one reporting the Dallas-Fort Worth area with the highest level of foreclosure postings in the last two decades and the other showing the Metroplex with ever-increasing home values.

But local experts say the data isn’t contradictory at all.

Full Story

Reporting from Yuma, Ariz. — The Terraces subdivision here contains rows of 2,000-plus-square-foot homes appointed with sunken tubs, granite countertops and tile floors that stare off into open desert.

But as the economy has contracted, so have the homes.

Full Story

NEW YORK (Dow Jones)–Shares of home building companies climbed Tuesday as investors ignored weak housing prices and instead focused on a jump in consumer confidence ahead of two key housing reports this week.

The Conference Board said in a morning report its index of consumer confidence for May rose to 54.9 from 40.8 in April, now at its highest point since September 2008.

Full Story