News

Recovery Watch

• HUD Secretary Reassures Builders

  Donovan says housing will be included in the Obama administration’s recovery plans.

• Breaking News: Borrowers With FHA Mortgages Can Use Tax Credit at Closing

  Buyers must still contribute 3.5% downpayment.

• New-Home Sales Hold Steady in April

  Pace hits 352,000 units, which is 0.3% above previous month.

• Architecture Billings Slip in April

  But AIA says inquiries about new work are “very strong” and expects architects to benefit from stimulus-funded projects.

• Quarterly Data Indicates Home Values May Be Stabilizing

  FHFA index reports a quarterly drop of just 0.5% for first three months of 2009.

• Existing-Home Sales Inch Upward 2.9% in April

  Real estate agents group says repeat buyers may be re-entering housing market; median price slips to $170,200.

• Existing-Home Prices Continued to Plummet in March

  The S&P/Case-Shiller Composite Index for 20 metro markets fell by 18.7% over the same month a year ago, exceeding economists’ forecasts.

• Total Housing Starts Dive 12.8% in April to Record Lows

  But single-family starts and permits both show small gains.

• Retail Giants See Glimmers of Hope in Quarterly Results

  But revenue for The Home Depot and Lowe’s continued to slip over the past three months.

• One Southern California Builder Looks To Catch Lightning In A Bottle Again

  Far West Industries sold 54 million-dollar homes in six months last year.