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Housing Market Index

Housing Market Index

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HBA of Greater Springfield Members Message Board

HBA of Greater Springfield Members Message Board

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NAHB Monday Morning Briefing

Monday Morning Briefing Letter - 08/18/2008

August 18, 2008 By Sandy Dunn NAHB President and Jerry Howard NAHB Executive VP and CEO   Subscribe to NAHB e-Newsletters E-mail Our Editor NAHB Home Page . Browse Other NAHB e-Newsletters . Manage Your Subscription . Browse NAHB Books and Periodicals . Search Back Issues . Plain Text Version Printer Friendly More than 100,000 visitors have checked out NAHB's newly created Web site for promoting the first-time home buyer tax credit, indicating strong consumer interest in this critical $7,500 incentive. In its first two weeks of operation, federalhousingtaxcredit.com has drawn an average of 10,000 visitors per day – a remarkable feat by any standard, and a good sign that the word is getting out to home buyers about this fantastic opportunity. NAHB has also developed numerous resources to help our HBAs and members promote the tax credit – check them out here. NAHB was well ahead of the curve in developing our tax credit Web site, anticipating the need for it even before the housing stimulus bill was signed into law. Consequently, through the integrated efforts of our leadership, advocacy, online relations and economics staff, we were able to launch the site just before the tax credit was enacted. Every reader of this report is encouraged to go to federalhousingtaxcredit.com and review the content, then pass on the word to your employees and fellow builders in your local market. Further plans are in the works at NAHB to help promote the first-time home buyer credit, so stay tuned to this report for details. Contact: Jay Shackford, x8406. Here's the scoop on seller downpayment assistance: The landmark housing bill signed into law by President Bush last month prohibits any portion of a downpayment on a single-family mortgage that's insured by the FHA from being provided by the seller or any other entity that benefits financially from the transaction. Such downpayment assistance also cannot come from any third party or entity that is reimbursed, directly or indirectly, by the seller or other party to the transaction. The prohibition goes into effect for mortgages receiving credit approval after Oct. 1, 2008. This unfortunate change was opposed by NAHB, and we are now working with HUD and Congress to remove the ban on seller-funded downpayment assistance. While the housing bill does allow family members to loan downpayment funds to a relative who is purchasing a home, that loan is required to be secured by a lien that is subordinate to the FHA-insured mortgage. And, while not specifically addressed in the legislation, the FHA has confirmed that outright gifts from family members will still be permitted.  Read more about the restrictions and requirements under the new law, as well as legislation that has already been introduced in Congress to restore seller assistance, in the latest NBN Online. Contact: Bill Renner, x8597. [return to top] Good news on conforming jumbo mortgage loans came from the Securities Industry and Financial Markets Association (SIFMA) on Aug. 14. The group has decided to allow newly originated conforming jumbo loans in high-cost markets to be included in the to-be-announced (TBA) market for mortgage-backed securities. (Conforming loans are those eligible for purchase by Fannie Mae and Freddie Mac.) This action is expected to lower mortgage rates that borrowers pay on conforming jumbo loans without significantly impacting rates on lower-balance conforming loans. The TBA market is where contracts are made for the purchase or sale of Fannie Mae- and Freddie Mac-guaranteed mortgage-backed securities to be delivered at a future settlement date. This helps mortgage lenders sell their loans in advance, and based on the price, determine the loan rate they charge borrowers. So far, only conforming loans below $417,000 have been traded in this market. SIFMA previously resisted calls to include higher balance loans under the temporary conforming jumbo limits in TBA pools due to the temporary nature of the increase and concerns that inclusion could increase rates for lower balance conforming loans. After the Housing and Economic Recovery Act of 2008 permanently increased the loan limits for home mortgages in high-cost areas to a maximum of $625,500, the question in the industry was whether these loans should be introduced to the TBA market. To address concerns about the impact of larger loans on the broader TBA market, the industry group decided to allow conforming jumbo loans to comprise 10% of the total balance of a mortgage pool eligible for TBA delivery. This arrangement "preserves the overall homogeneity of the market while at the same time minimizing the risk of a negative impact on mortgage rates for lower-balance loan borrowers," said SIFMA. However, the arrangement will not occur until the new loan limits go into effect in 2009. Read SIFMA's statement here or contact Chellie Hamecs, x8425, for more information. [return to top] NAHB has joined forces with our Arizona HBAs to protest a U.S. Army Corps of Engineers determination that the Santa Cruz River, fed mostly by wastewater from treatment plants, should be classified as "traditional navigable waters" protected under the U.S. Clean Water Act. The Corps' decision, which was posted on its Web site at one point but has since been removed pending further policy review, could have a profound impact on the home building industry and where new housing can be built in Arizona. The presidents of the HBA of Central Arizona and the Southern Arizona HBA joined NAHB in signing a July 25 letter to the assistant secretary of the U.S. Army spelling out why we disagree with the Corps' Los Angeles District office that parts of the river in southern Arizona are navigable waters. Our letter points to historical records showing that, while the flow of water in the Santa Cruz has been used to irrigate nearby farms and provide some domestic water supply, it has never been used for boating or shipping. Moreover, the letter points to the U.S. Geological Survey's determination that the base flow for part of the river is regulated by a sewage treatment plant, and that there is no natural flow to the river during most of the year. While the Corps is not required to accept public comments in making or changing its determinations, NAHB and Arizona's home builders hope to convince the agency to reevaluate this decision. Read more in NBN Online. Contact: Calli Schmidt, x8132. [return to top] Resources to promote the new tax credit and bust media myths are available free of charge to NAHB members via our online PR Toolkit, a comprehensive guide and resource that helps home builders associations and NAHB members plan, implement and measure public relations programs. The toolkit has been updated and is now available at www.nahb.org/prtoolkit. Members and HBAs are encouraged to use the toolkit as a resource in planning strategies to promote the $7,500 first-time home buyer tax credit for consumers and to get the facts about their particular housing markets out to local media and buyers. You can access and read or print toolkit chapters that cover topics such as working effectively with the media, how to leverage NAHB resources, what to consider when developing key messages and other tips on how to generate favorable publicity. Other materials are also available to promote the new tax credit here. For more information, contact NAHB Public Affairs at x8447. Note: Members and HBA staff must be logged in to the NAHB Web site in order to view the PR Toolkit and Myth Buster materials. [return to top] NAHB offers helpful legal services to the entire federation, and those who aren't aware of our offerings in this area may be surprised to learn just what's available. First, the NAHB Legal Research Program provides free legal research assistance and information on building industry-related issues to all members and affiliated HBAs. We also have a Legal Ordinance Review Program through which NAHB provides a free legal review of local ordinances and state legislation that impact the development and construction industry. Another service of our Legal Affairs Area pertains to our Legal Action Seminars, which provide you with a basic knowledge of legal principles, concepts and applicable laws. Our most popular educational program is the “90-Minute Law School,” which includes information on contracts, warranties, mechanics liens, copyright law, immigration law, business management practices, land development matters, and alternative dispute resolution options. Other in-depth educational programs can be tailored to the individual needs of any affiliated HBA, 20 Club or other associated member group. Another important member service is our Legal Action Fund, which is designed to assist state and local HBAs and their members with ongoing cases. Find out about all of these great services, as well as our Litigation Program, Amicus Brief Program and efforts in the Construction Liability arena, in a great Legal Services brochure that’s available through Member Services. HBAs can order the free brochure in bulk for distribution to their members. Also, visit our members-only Web pages at www.nahb.org/legalaffairs. Contacts: Legal Services – Mary Lynn Huett, x8485; Construction Liability & Legal Research – David Jaffe, x8317; Litigation – Duane Desiderio, x8146. [return to top] A free online seminar on coping with financial distress is being provided by Constellation HomeBuilder Systems and supported by NAHB's Business Management and Information Technology Committee at 1:00 p.m. EDT on Thursday, Aug. 21. Registration is limited to the first 200 entrants, so interested readers might want to check out this opportunity right away. The event will provide tips on how to communicate and work with bankers, deal with bankruptcy, survive financial restructuring and protect company assets. Expert panelists who will be online for the seminar include moderator Ron Robichaud of Robichaud Financial Services, bankruptcy attorney Harley Riedel of Stichter, Riedel, Blain and Prosser, P.A., restructuring expert Troy Taylor of Algon Group and builder Randy Noel of Reve, Inc. For more information and to register, click here, or e-mail ckotsopoulos@constellationhb.com. [return to top] An important note to our members: NAHB members and HBAs across the country have recently been contacted by organizations with misleading or otherwise confusing names. If you have received correspondence or contact from the “National Home Builders” or the “National Directory of Home Builders,” recognize that these organizations have no relationship with NAHB and are not part of, connected with, or related to NAHB in any way. Any and all correspondence from NAHB will always include the full name “National Association of Home Builders” and/or the genuine NAHB logo. For questions or concerns about any correspondence or contacts you may have received, e-mail William Deiss at NAHB, or call him at x8231. [return to top]

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HBA Award Nominees Due FRIDAY!

Time is running out to nominate individuals and companies for HBA Awards! The deadline is this Friday (July 11^th) to turn in completed nomination forms for Administrative Support Person of the Year, Salesperson of the Year, Foreman of the Year, Manager/Supervisor of the Year and Supplier of the Year.

Recognizing the accomplishments of our members and their contribution to the success of the Home Builders Association is an important part of fulfilling our mission and we can only do this if you nominate individuals and companies for these special awards. All nominees will be recognized at the September 16^th Awards Banquet.

There are four categories of employee awards to recognize extraordinary service.  If you believe you have an exceptional employee, nominate him or her for one of the following awards (click on the links to nominate online): 

Administrative Support Person of the Year

Salesperson of the Year

Foreman of the Year

Manager/Supervisor of the Year

Suppliers, while not employees, also play an important role in making your business a success.   Please consider nominating your favorite supplier for the Supplier Company of the Year (click to nominate online).  This award is a great way to recognize the contribution great suppliers make in helping you serve your customers.

To make a nomination online, just click on the award you wish to nominate (above), complete the nomination form, and click "submit" no later than 4:30 p.m. on July 11, 2008.  Or, if you prefer, written nomination forms can be returned (no later than 4:30pm on July 11, 2008) to Charlyce Ruth at The HBA of Greater Springfield, 636 W. Republic Rd, D108 Springfield, MO 65807, fax 881-7334. or e-mail cruth@springfieldhba.com.

We are excited about the opportunity to recognize individuals who are providing exceptional service to their employers and their customers.  We look forward to receiving your nominations. If you have any questions, please feel free to contact the HBA.