| November 3, 2008 |
By Sandy Dunn
NAHB Chairman and
Jerry Howard
NAHB Executive VP and CEO |
|
|
Calling on Congress to enact housing recovery provisions
as part of a new economic stimulus package, NAHB is telling lawmakers that substantial incentives are needed to spur home buying in order to help stabilize the housing market and faltering economy.
 NAHB is urging members of Congress to return as soon as possible following the Nov. 4 elections to address the problems of falling home prices, rising foreclosures and the credit crunch. Specifically, NAHB has said that Congress should consider expanding the temporary $7,500 first-time home buyer tax credit that is due to expire on July 1, 2009 in the following manner:
* Increase the amount of the credit
* Waive its payback provisions
* Expand eligibility for the credit to include all home buyers, not just first-timers
* Monetize the credit so it can be used as a downpayment
Also as part of an economic recovery package, NAHB believes that Congress should remove the ban on seller-downpayment assistance and permanently keep the FHA/Fannie Mae and Freddie Mac conforming loan limits at $729,500 to help buyers obtain affordable mortgages in high-cost areas. Under current law, these loan limits will fall to $625,500 starting on Jan. 1, 2009. Read more in the upcoming NBN Online, or contact: Michael Strauss, x8252.
|
 |
Reassure hesitant home buyers with a new consumer brochure
 from NAHB Public Affairs. "Opportunity Knocks" is a great resource that employs facts and figures to answer prospective buyers' questions and concerns, and tells why the current housing market offers unprecedented opportunities. NAHB members and HBAs are encouraged to post this brochure on your Web sites or print out copies for distribution in sales offices, at parades of homes, and elsewhere. Notice, too, that space has been left on the back of the brochure so that you can personalize it with your own contact information using stamps or stickers. This is just one more way that NAHB is reaching out to our members with as many tools as possible to help your business. Download the brochure for free right here. Contact: Gwyn Donohue (x8447).
[return to top]
|
|
New-home sales posted a welcome gain in September,
 rising 2.7% to a seasonally adjusted annual rate of 464,000 units, according to U.S. Commerce Department numbers released Oct. 27. Yet, while any upward movement is certainly good news, it's important to understand that the gain followed a significant downward revision for August and that it was almost entirely concentrated in the West, where sales bounced back from a very low level in the previous month. The fact remains that housing demand is still fundamentally weak, said NAHB Chief Economist David Seiders, and there is a definite need for more government action to help get housing and the economy back on track. On a genuinely positive note, however, Congress's report for September indicated that builders are making substantial progress in winnowing down the excess supply of unsold homes on the market. The number of new homes for sale shrank to 394,000 units from August's 425,000 units, reducing the months' supply at the current sales pace to 10.4 (down from 11.4 in the previous month). Meanwhile, however, the median number of months that completed new homes have been on the market moved up to 9.1, which was an unfortunate new record. See NAHB's press release or Commerce's report online. Contact Paul Lopez (x8409) for help with media inquiries.
[return to top]
|
|
NAHB's new Fire Sprinkler Strategic Response Task Force
 has gotten down to work on developing recommendations for strategies and resources needed to assist NAHB members and HBAs in the fight against fire sprinkler mandates following unfortunate decisions made at the International Code Council's (ICC) Final Action Hearings in September. In addition to meeting via bi-weekly conference calls since Fall Board, the Task Force will be meeting in person at the National Housing Center on Nov. 3 and 4 of this week. Initially, the group is focusing on strategies that require immediate action due to time constraints, including the filing of an appeal to the International Code Council prior to the Oct. 30 deadline. For additional information, contact Ed Sutton, x8564.
[return to top]
|
|
Want to ensure your homes are eligible for FHA financing?
 At a time when the importance of this government agency is expanding, NAHB is reminding builders and developers that you are required to affirmatively market your homes to minority populations in order for them to qualify for Federal Housing Administration (FHA) financing. To ensure that specific steps are followed, as described in 24 CFR 200.620, the regulations require multifamily builders and developers to file an Affirmative Fair Housing Marketing Plan (AFHMP). As an alternative, NAHB's Voluntary Affirmative Marketing Agreement provides multifamily builders with an off-the-shelf version of the AFHMP. Under the voluntary agreement, the builder promises to conduct affirmative marketing and report these activities annually, which eliminates the need to file an AFHMP and have it approved by a HUD official. For single-family builders, since 2001, neither an AFHMP nor a voluntary agreement has been necessary. Instead, to satisfy the requirement for FHA financing, single-family builders can self-certify that they will undertake the actions outlined by Box 11(d) on the HUD Site Certification plan (HUD Form 92541). Get more details on builder training, marketing and reporting requirements pertaining to this subject in last week's NBN Online. Contact: Andrew Holliday, x8305.
[return to top]
|
|
Get helpful information on tough financing issues
 in two newly announced upcoming audio seminars from NAHB. First, on Nov. 13, dial in to the seminar titled: "Finding Alternative Funding to Keep Your Business on Track." The seminar is geared to single-family builders, remodelers, contractors, multifamily builders and developers, and associated building industry professionals (including financial and legal affairs). Participants will learn about funding sources outside of traditional banks and how to approach them; various funding vehicles and arrangements that could work for you; and legal implications to keep in mind when considering such options. To register and for more information, click here. Note: there is a $39 fee per phone site.
The second new seminar, scheduled for Nov. 18, is called "Builder Financing: Working With Your Lender in the Credit Crunch." Geared to the same audience as the seminar above, it will feature experts discussing the current environment for construction lending as well as strategies, alternatives and hazards for both performing and non-performing credits. Visit www.nahb.org/LenderFinancingAudio for more information and to register. Again, there is a $39 fee per phone site. However, participants registering for both seminars at the same time are eligible for a discount. Contact: Joshua Nester, x8461.
[return to top]
|
|
|
