Special Offer on the Purchase of our Model Homes

January 30th, 2010

The Federal tax credit has expired but BOLD Homes has three homes ready for immediate occupancy and will match your Kentucky tax credit dollar for dollar. Contact Mike Kegley for more details at 859-657-6700. Click the icon for more tax credit details.

HOW TO BUILD A CUSTOM HOME, Part 11: How to Finance a New Home Purchase

September 2nd, 2010

In this series, the professionals at the B.O.L.D. Company will take you through the process of building a custom home in the Greater Cincinnati – Northern Kentucky area. From plan and lot selection, to mortgage approval, to the actual construction, we’ll take you behind-the-scenes each week for an inside look at a different part of the process.

This week, we review the financing options and the mortgage process for new home purchases. While loans have become more difficult to obtain in recent years, being prepared will greatly increase your chances of getting financing with the terms you want.

*KNOW YOUR CREDIT SCORE Get your credit report – everyone is entitled to one free credit report per year (visit annualcreditreport.com or call (877) 322-8228). Make sure there are no mistakes in your report, and dispute any you find. It can take a month or more for your report to reflect corrections, so don’t wait to fix errors!

*ANALYZE YOUR FINANCIAL SITUATION Determine how much you can afford to spend – and are willing to spend – every month on a mortgage. A general rule of thumb is to expect to spend NO MORE than a third of your gross income on your mortgage payment – and remember, the smaller the percentage of your income that you devote to the mortgage, the easier your finances will be during the tough times (medical bills, lay offs, etc). Don’t forget to determine how much of a downpayment you can afford! Expect to need a downpayment of between 5% and 20% of the purchase price – the more money you put down initially, the less you have to pay interest on later.

*COMPARE RATES, TERMS, AND FEES Compare many lenders and rates to find the right fit for you and your situation. Be sure to add up all the costs so that you are making fair comparisons – include all fees, points, and closing costs in your estimates. Potential lenders should give you a Good Faith Estimate (GFE) within three days of your application which details all the costs—but this is only an estimate. If you can get your lender to “lock in” fees and rates, all the better! Finally, be sure that you explore all your options: savings and loan associations, credit unions, local banks, major lenders, stock brokerages, mortgage brokers, and FHA and VA programs. Each have their advantages: for instance, local banks know the area, the building practices, and tend to be easier to contact, while major lenders may be able to offer more competitive rates, and federal programs may offer lower downpayment requirements.

*BE PREPARED TO PROVIDE DOCUMENTATION Lenders need to know that you can afford to make the payments and that you intend to

Lets Make a Deal!

 make the payments, so you need to provide evidence that you have a steady income and a history of making payments in full and on time. This means that, in addition to proving your identity by providing your full legal name, Social Security number, and date of birth, you will also be expected to furnish at least two years of tax returns and income, employment, and residence history, as well as at least two months of bank statements and pay stubs. You may also need to provide investment earnings reports, divorce or child support decrees, proof of insurance, or documentation of any other assets or liabilities that could affect your ability to make your payments.

The B.O.L.D. Company is uniquely situated to help you through each and every step of the custom home building process, from financing and design/selections to construction and warranty service. We are available to build on your lot in Northern Kentucky, or let our licensed real estate agents help you find the perfect home site! Our in-house drafting and design team, together with our on-staff licensed Professional Engineer, can help you find or design the plan of your dreams! And of course, B.O.L.D. combines quality products and craftsmanship with unsurpassed customer service, so that the finished home is everything you expect and more. Find out why 400+ other new home customers have trusted The B.O.L.D. Company since 1986!

Builders Of Lifelong Dreams

September Model Home Center Hours

September 2nd, 2010

Check out our Model Homes during the hours listed or contact Mike Kegley in the office at (859) 657-6700 and on his mobile, (859) 379-9280 or James Kegley on his mobile, (859) 393-2900 for your private showing.

Day Date Antebellum War Admiral Doe Run
Wednesday 1 12-6 1-6 Closed
Thursday 2 12-6 1-6 Closed
Friday 3 12-6 1-6 Closed
Saturday 4 Closed Closed Closed
Sunday 5 12-6 12-6 Closed
Monday 6 12-6 Closed Closed
Tuesday 7 12-6 1-6 Closed
Wednesday 8 12-6 1-6 Closed
Thursday 9 12-6 1-6 Closed
Friday 10 12-6 1-6 Closed
Saturday 11 12-6 12-6 1-5
Sunday 12 12-6 12-6 1-5
Monday 13 12-6 Closed Closed
Tuesday 14 12-6 1-6 Closed
Wednesday 15 12-6 1-6 Closed
Thursday 16 12-6 1-6 Closed
Friday 17 12-6 1-6 Closed
Saturday 18 12-6 12-6 1-5
Sunday 19 12-6 12-6 1-5
Monday 20 12-6 Closed Closed
Tuesday 21 12-6 1-6 Closed
Wednesday 22 12-6 1-6 Closed
Thursday 23 12-6 1-6 Closed
Friday 24 12-6 1-6 Closed
Saturday 25 12-6 12-6 1-5
Sunday 26 12-6 12-6 1-5
Monday 27 12-6 Closed Closed
Tuesday 28 12-6 1-6 Closed
Wednesday 29 12-6 1-6 Closed
Thursday 30 12-6 1-6 Closed

Builders Of Lifelong Dreams

HOW TO BUILD A CUSTOM HOME, Part 10: Exterior Design Features — Outdoor Kitchens

August 27th, 2010

In this series, the professionals at the B.O.L.D. Company will take you through the process of building a custom home in the Greater Cincinnati – Northern Kentucky area. From plan and lot selection, to mortgage approval, to the actual construction, we’ll take you behind-the-scenes each week for an inside look at a different part of the process.

 Last week, we looked at creating outdoor living spaces with porches, decks, and patios.  This week, we take that idea a step further.  Dress up your porch, deck, or patio by stocking a complete outdoor kitchen!

The convenience of an “outdoor kitchen” means dining and entertaining outside without having to continually run back inside for utensils, condiments, or food that is cooled by the time it reaches the table.  You also avoid potentially dirty shoes tracking from porch to kitchen.  An outdoor kitchen provides everything you need right where you need it!

The most basic (and most budget-friendly!) outdoor kitchen might include simply a grill and an outdoor bar–somewhere to house drinks and snacks for the evening, for the convenience of guests.  For a little bit bigger investment, some bar stools and also cabinet space to allow storage of plates, napkins, and utensils, would dress up the space.

Upgrading the outdoor bar design to an outdoor kitchen would consist of a built-in grill with a miniature sink and a small counter space for food preparation.  More elaborate outdoor kitchen designs might include a dishwasher, a refrigerator, an oven, or even a television set for watching the big game!  Some designs also include an outdoor fireplace or fire pit, to make their outdoor entertaining more of an all-season facility. 

All of these items would need to be installed or covered in such a way as to protect them from the elements, however.   Keep in mind:

*Flooring – avoid flooring that would become dangerously slippery when wet.

*Hot or wet surfaces – any part of cabinets or countertops that would be exposed to heat from the grill, or to rain or even direct sunlight, will need extra protection, such as backer board covered with stone veneer, or will need, at least, to have a sealer applied. 

*Lighting – avoid accidents by including sufficient lighting for walkways, food preparation areas, and dining areas. 

*Shelter – don’t be run out of your outdoor space when the sun is too bright or the air too chilly.  Prepare for the conditions you expect to face, whether it is by including simply a patio umbrella or a complete pergola-with-plexiglass-panel roof; or maybe a stone-faced outdoor fireplace for warmth, or even just a portable outdoor patio heater.

B.O.L.D. Homes, a B.O.L.D. company, has been established as among the premiere Greater Cincinnati / Northern Kentucky custom home builders since 1986. We have well over 500 customer designed homes to our credit. Work one-on-one with the owners of the company – including a licensed real estate broker, a licensed real estate agent, a licensed professional engineer, and a CAD draftsman/designer – to design your dream home full of the features important to you. We can help you find a balance between luxury and budget.

Builders Of Lifelong Dreams

HOW TO BUILD A CUSTOM HOME, Part 9: Exterior Design Features — Outdoor Living — MORE PHOTOS!

August 26th, 2010

More photos of BOLD designed and built Porches, Patios, and Decks!

Builders Of Lifelong Dreams

HOW TO BUILD A CUSTOM HOME, Part 9: Exterior Design Features — Outdoor Living

August 20th, 2010

In this series, the professionals at the B.O.L.D. Company will take you through the process of building a custom home in the Greater Cincinnati – Northern Kentucky area. From plan and lot selection, to mortgage approval, to the actual construction, we’ll take you behind-the-scenes each week for an inside look at a different part of the process.

 This week, we look at outdoor living spaces:

 Outdoor living spaces add value and open-air living and entertaining space to your home. From decks to patios, covered porches to screened porches, there are outdoor living options for every budget.

 PATIOS

The most basic type of outdoor living space is the patio. With a floor of poured concrete, brick pavers, or stone, patios are inexpensive to install and very easy to maintain. Patios provide a place for outdoor entertaining, dining, grilling, sun bathing, or for installing a hot tub.

 –Special features to consider for your patio:

Stamped concrete – Concrete can be customized to resemble just about any type of material: brick pavers, cobblestones, wood, etc. By “stamping” patterns and textures and adding color, you can have a “brick paver” patio that won’t allow weeds to grow between the pavers, or a “cobblestone” patio that won’t succumb to heaving of the frozen ground underneath.

Patio cover – To provide shade to a patio, consider adding a pergola, arbor, or patio cover to your design. Common materials for covers include wood, synthetic wood, aluminum, or fabric. They can be solid and provide maximum shade (in the case of a roof cover of aluminum or fabric), or they can provide partial shade (in the case of a pergola or arbor).

Gas hook up – Instead of having a propane tank for your gas grill, install a gas line hook up out to your patio!

 DECKS

 Decks are also a fairly inexpensive way to expand the living space of your home. A deck, however, can be built to accommodate damp or uneven ground where a patio cannot, and it can be built at ground level or higher. Often, a deck is built in conjuction with a patio – a deck creates shade for a patio below. Decks can be built from pressure-treated wood, redwood, cedar, or composite decking. Some composites are made from recycled materials, which can be a more eco-friendly product, and good composites are more easily maintained than a typical wood deck.

 —Special features to consider for your deck:

Deck cover – To provide shade to a deck, consider adding a pergola, arbor, or deck cover to your design. Common materials for covers include wood, synthetic wood, aluminum, or fabric. They can be solid and provide maximum shade (in the case of a roof cover of aluminum or fabric), or they can provide partial shade (in the case of a pergola or arbor).

Gas hook up – Instead of having a propane tank for your gas grill, install a gas line hook up out to your deck!

Door/stairs – decks can be designed like a balcony – where the only entryway is from the house, or they can built with an additional entryway to/from the yard. For decks built off the ground, this will include stairs.

 PORCHES

 Covered porches are a part of the design and foundation of the home, compared to a deck or patio which is an extension added on to the home. Covered porches, while allowing light, open-air, and breezes, also provide greater protection from the elements than would a regular patio or deck. As you might imagine, covered porches tend to be more expensive than patios and decks, and must be planned for from the beginning of construction.

 Screened porches provide an even greater level of protection from the elements – while light and rain and air can get through the screens, bugs cannot.

 Sun porches provide the greatest level of protection from the elements – surrounded by glass windows, light but not air can get in (unless the windows are open).

 –Special features to consider for your porch:

Ceiling fans – Move the air around on a hot day with a ceiling fan.

High ceilings – A vaulted ceiling in a screened or other porch will give rising hot air somewhere to go other than where you are sitting

B.O.L.D. Homes, a B.O.L.D. company, has been established as among the premiere Greater Cincinnati / Northern Kentucky custom home builders since 1986. We have well over 500 customer designed homes to our credit. Work one-on-one with the owners of the company – including a licensed real estate broker, a licensed real estate agent, a licensed professional engineer, and a CAD draftsman/designer – to design your dream home full of the features important to you. We can help you find a balance between luxury and budget.

Builders Of Lifelong Dreams

HOW TO BUILD A CUSTOM HOME, Part 8: Interior Design Features — A Kitchen You’ll Be Proud to Show Off

August 14th, 2010

In this series, the professionals at the B.O.L.D. Company will take you through the process of building a custom home in the Greater Cincinnati – Northern Kentucky area. From plan and lot selection, to mortgage approval, to the actual construction, we’ll take you behind-the-scenes each week for an inside look at a different part of the process.

This week, we look at kitchen design ideas:

With the growing popularity of open floor plans, the kitchen has become more of a focal point than in generations past: the kitchen is a place to entertain, and thus, a focus of style and decorating, in addition to retaining its more practical purposes.

Designers have two methods of addressing this dilemma: (1) decorating around customized or high-end appliances that you’ll be proud to show off; or (2) hiding the appliances with custom cabinetry.

“Showy” appliances include high-end stainless steel varieties, those with copper trim or accessories, or professional grade appliances. The latter can serve a dual purpose if you do a lot of cooking, catering, or entertaining.

There are many things you can do to make your appliances “blend in”, or to hide them altogether. Increasingly, appliances are available with changeable front panels to match the cabinetry color and style (think of a dishwasher or trash compactor front panel). Custom cabinetry can make other appliances “disappear.” Drop doors, “roll top” doors, and sliding doors make good cubby holes for small appliances, such as toasters, coffee makers, and blenders. A “microwave cabinet” hides the clunky white or black box. Even the refrigerator can have “armoire” style doors designed to open and close around its space. Built-in refrigerators and dishwashers blend even more easily. Refrigerated drawers can hide within the island, for instance, or a built-in refrigerator can sit atop freezer drawers below.

After the cabinets, the second most noticeable surface in the kitchen is the countertop. Today’s countertops must be both practical and showy. Durable and stylish options are readily available for every budget.

The economical choice is a laminate top, such as those made by Formica or WilsonArt. Available in a wide range of colors, designs, and styles, you can find laminates that mimic just about any kind of natural surface. The disadvantage is that laminates crack or chip fairly easily, and repair of this damage is not so easy.

Ceramic tile is very durable, and it is one of the few do-it-yourself options for kitchen tops. The necessary grout between tiles can be difficult to keep clean, however, and it must be regularly sealed in order to resist moisture.

Solid surface acrylics are becoming increasingly popular for their durability, non-porous water resistance, easy scratch repair (just sand and buff out), and their wide arrange of colors, designs, and styles. Products such as Corian and Avonite produce a good product for a competitive price, making solid surface acrylics a great middle-of-the-road price option.

High end natural surface options include granite, marble, quartz, and even concrete. These products are beautiful, but the high cost does not ensure indestructability. Each of these products are prone to cracking, and none (with the possible exception of concrete) will withstand the damage inflicted by a hot pan (but neither will any of the other options, with the possible exception of ceramic tile).

B.O.L.D. Homes, a B.O.L.D. company, has been established as among the premiere Greater Cincinnati / Northern Kentucky custom home builders since 1986. We have well over 500 customer designed homes to our credit. Work one-on-one with the owners of the company – including a licensed real estate broker, a licensed real estate agent, a licensed professional engineer, and a CAD draftsman/designer – to design your dream home full of the features important to you. We can help you find a balance between luxury and budget.

Builders Of Lifelong Dreams

HOW TO BUILD A CUSTOM HOME, Part 7: Interior Design Features — Making the Most of Your Square Footage

August 6th, 2010

In this series, the professionals at the B.O.L.D. Company will take you through the process of building a custom home in the Greater Cincinnati – Northern Kentucky area. From plan and lot selection, to mortgage approval, to the actual construction, we’ll take you behind-the-scenes each week for an inside look at a different part of the process.

This week, we look at the features that will help you make the most of the square footage you have.  The right layout, lighting, and ceiling height can make a smaller house feel more open and inviting than a larger house, at a lower cost!

Even a large house can feel small.  More important than the actual square footage is the layout, the lighting, and the ceilings. 

  • An open floor plan, where rooms flow one to another with fewer walls and barriers, is less likely to have a cramped, crowded feel, especially after the furniture is moved in.  More room for entertaining and no one gets stuck in the kitchen all night!  Check out this BOLD open floor plan:
  • Plenty of natural lighting–streaming through windows that are not blocked or shadowed by walls–brightens a room like no artificial lighting can, and also increases the open, airy feel of the space!
    • Natural lighting is environmentally-friendly and absolutely free!
    • Studies show that natural lighting is beneficial to both mental and physical well-being
    • Lots of big windows brings the outdoors in, and windows do not give the same “barrier” feeling that a wall or a door gives.
    • In addition to traditional windows in each room, consider adding skylights to key parts of the home: master suite, kitchen, great room.
      • Enhance the beauty of your home
      • Raise the value of your home with a unique feature not found in standard homes
      • Decrease energy costs
      • Some skylights open for ventilation
      • Some skylights come with blinds or special glass to block harmful rays
      • Skylights do require regular maintenance for the life of the home to prevent leakage.

 

  • To add space without adding to your square footage, raise the ceilings!
    • The standard ceiling height in a home is typically 8 feet.  Just by adding another foot to the height of the ceilings, the rooms feel bigger, brighter, and more welcoming.
  • There are other, more room-specific ways to add ceiling height:
    • Tray ceilings are a design effect where the center of the ceiling is recessed — that is, the center of the ceiling is higher than the surrounding ceiling, adding both vertical space and aesthetic value to the ceiling. 

  

  •  
    • Vaulted ceilings have one wall that is taller than the opposing wall and a sloped ceiling that rises from the shorter wall to reach the taller wall. 
    • Cathedral ceilings have a center point which is higher than any of the walls, and equal sloping sides that rise to meet that center point. 

  •  
    • Two-story foyers and great rooms are a beautiful way to add space and light to a house.  Cleaning cobwebs, dusting fan blades, and changing lightbulbs 12-16 feet high can be a maintenance challenge, though!

 

B.O.L.D. Homes, a B.O.L.D. company, has been established as among the premiere Greater Cincinnati / Northern Kentucky custom home builders since 1986. We have well over 500 customer designed homes to our credit. Work one-on-one with the owners of the company – including a licensed real estate broker, a licensed real estate agent, a licensed professional engineer, and a CAD draftsman/designer – to design your dream home full of the features important to you. We can help you find a balance between luxury and budget.

ASK THE BOLD COMPANY FOR MORE INFORMATION ON BUILDING A CUSTOM HOME

 

Builders Of Lifelong Dreams

Getting a Mortgage is More S.A.F.E. Than Ever!

August 5th, 2010

On July 30, 2008, President Bush signed a federal bill known as the S.A.F.E. Act.  The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 requires that all states participate in a national register of mortgage loan originators (MLOs), and states must license any MLOs that do not work for an insured depository regulated by a federal banking agency or Farm Credit Administration.  MLOs are formally defined as anyone who accepts a mortgage loan application, negotiates terms or makes offers, or assists consumers in obtaining a mortgage, and is compensated in return.

The registry will give the public access to the employment history and disciplinary record of all mortgage loan originators.  Those MLOs subject to licensing by the state will also have to submit fingerprints for an FBI criminal background check, authorize release to the licensing agency of an independent credit report, complete at least 20 hours of pre-licensing education courses, pass a written examination, and complete 8 hours of continuing education for each renewal. 

The goals are: increased consumer confidence, consumer protection, fraud prevention, accountability of mortgage loan professionals, and uniformity in training and licensing.

All states are expected to be in compliance with the Act by early 2011.

Contact us at the BOLD Company to discuss your particular situation and opportunities.

Builders Of Lifelong Dreams

The Information You Need to Decide When to Build Your Home

August 4th, 2010

What information do you need to know before you choose to build a new home?  Check out the latest economic information and forecasts from the respected Economists of the National Association of Home Builders.

EYE  ON  THE  ECONOMY

Moderately Faster Economic and Job Growth Lies Ahead

The economy continued to grow in the second quarter, slowing down from previous quarters and not as fast as economists would like to see it, but it was growth nevertheless, with gross domestic product (GDP) advancing at an annual rate of 2.4%, its fourth consecutive quarterly increase.

GDP grew in this year’s first quarter at a 3.7% pace and in the fourth quarter of 2009 at 5.0%. The concern that this cool down presages a double dip and return to recession seems to be overblown.

First, it is not unusual to see variations in quarterly GDP growth  coming out of a recession. Particularly strong quarters are often followed by weaker ones as growth in sectors responsible for the surge begins to moderate.

Second, although consumers are rebuilding their savings, they are also spending and likely to continue spending.

Third, business investment may be weakening, but it will continue to advance as companies move to take advantage of low interest rates.

Fourth, the federal government is still distributing funds provided under the American Recovery and Reinvestment Act (ARRA). A large share of these funds has been stockpiled by states, which are slowly using them to pay their vendors over time.

Buoyed by the home buyer tax credit, residential construction helped lift GDP in the second quarter, adding 0.6% to the overall growth rate, thanks to improvements in single-family activity and remodeling, with multifamily construction a negative. This was the first positive contribution from this sector since it added 0.25% to growth in the third quarter of 2009, which was the first quarter in two-and-a-half years that home building was not a drag on GDP, a grim reminder of the depth and length of the housing downturn.

Second quarter GDP also received a major boost from business investment in equipment and software, a sign that firms are generally positive about their future prospects.

Companies also continued to build their inventories, another positive for growth, although at a slower pace than in the previous two quarters. The lift from inventory investment will disappear, however, if final demand falters.

The consumer remains cautious, but has not abandoned the marketplace, contributing roughly half of the growth recorded in the second quarter, down from a two-thirds share in normal times. For now, consumers seem unlikely to increase spending given their generally glum outlook.

The University of Michigan Consumer Sentiment Index fell from 76.0 in June to 67.8 in July, its lowest reading since November. The Conference Board  reported a similar drop in its July Consumer Confidence Index, which dropped from 54.3 to 50.4 , its second consecutive monthly decline.

While it is encouraging that businesses and consumers are still active participants in the economy, their growing expenditures in the second quarter led to a large increase in imports, which reduces GDP growth, and this was only partially offset by rising exports.

Ongoing spending by businesses, consumers and the government will produce sufficient economic growth to spur more hiring, which in turn will further buttress consumer spending and aid in housing’s recovery.

As a result, NAHB is forecasting moderately faster economic and job growth over the next few quarters.

Is Housing Improving?

Getting a good read on housing has been complicated in recent months by the lingering effects of the home buyer tax credit and its expiration. The tax credit pulled sales forward as buyers sought to qualify for the credit before the deadline for signing a sales contract at the end of April, leaving the pool of prospective home buyers severely depleted.

Now there is early evidence that market demand is in the process of being restored by historically low mortgage rates and affordable house prices.

New home sales peaked in April at a seasonally adjusted annual rate of 422,000, their highest level since September 2008. In May, they fell precipitously to 267,000, their lowest level since the Census Bureau started reporting these figures in 1963.

Sales in June rebounded to 330,000, an indication that buyers are returning to the market. Although this was a healthy increase, it still left sales at the second lowest level ever recorded. NAHB is forecasting further improvement in coming months as mortgage rates remain low, house prices level out and job growth continues.

Meanwhile, the inventory of new homes fell to 232,000 in June, a level last seen in 1968. Since then, the number of U.S. households has grown by more than 90%. As demand returns, a larger inventory will be clearly needed and bode well for residential construction, dependent upon banks increasing their lending to builders again.

Since their recent peak of 5.06 million In April, sales of existing single-family homes declined 1.6% to 4.98 million in May and 5.6% to 4.7 million in June. This was a bit surprising since the closing deadline to qualify for the tax credit was originally June 30.

The argument for extending the deadline to Sept. 30 was that a crush of credit-related sales had led to a backup and pushed closings beyond June. If this is what actually occurred, then it is a possible explanation for the sales decline in June and suggests that existing home sales should not deteriorate further in July and August as the marketplace adjusts to the fading tax credit.

The National Association of Realtors (NAR) Pending Home Sales Index, which is comparable to new home sales since it is based on contract signings, plunged 29.9% in May and fell an additional 2.6% in June. The index was down 18.6% from a year earlier, roughly in line with a 16.7% year-over-year decline in new home sales in June.

These declines represent the expected adjustment to the expiration of the home buyer tax credit. As we move beyond the tax credit, the true picture of the underlying market will begin to emerge by July or August.

House Prices Find a Floor

Aided by the home buyer tax credit, house prices have stabilized and begun to inch up. The S&P/Case-Shiller 20-city price index has risen in 10 of the last 12 months. On a year-over-year basis, the May index was up 4.6%.

Further, 19 of the 20 cities saw an increase in prices from the previous month on a non-seasonally adjusted basis. Thirteen of the 20 were up on a year-over-year basis, with three of them — San Diego, San Francisco and Minneapolis — up by double digits.

Not quite as rosy, the Federal Housing Finance Agency (FHFA) price index has been up in each of the last three months, although the May index was down 1.1% from a year earlier. Prices were up in seven of the nine divisions of the country in May, but only two were up on a year-over-year basis.

June median new home prices were down a modest 0.6% from a year earlier, while June median single-family existing home prices rose 1.3%.

At a minimum, the home buyer tax credit has helped stabilize home prices and may have given them a bit of a lift.

NAHB is forecasting that house prices will exhibit a mild upward slant during the remainder of this year and throughout next year.

Single-Family Construction Slows, While Multifamily Stabilizes

The combination of the home buyer tax credit, low interest rates and an improving employment picture lifted the value of single-family construction put in place on a year-over-year basis for five straight months through June, when it was up 26.7%. At a seasonally adjusted annual rate, the measure rose for 12 consecutive months until June, when it fell 0.7%, undoubtedly showing the waning effects of the home buyer tax credit.

Multifamily construction spending, on the other hand, showed its first signs of life in June, rising 0.3%, although still down a hefty 52.0% from a year earlier, supporting NAHB’s view that it is bouncing along the bottom as the industry continues to struggle with high vacancy rates and the paucity of financing for new projects. Multifamily construction should be stable for the balance of the year and gradually climb in 2011.

Homeownership Rate Slips

The Census Bureau reported that the nation’s rate of homeownership slipped from 67.2% in this year’s first quarter to 66.9% in the second quarter, its lowest level since the fourth quarter of 1999, a result of foreclosures and continued uncertainty surrounding the housing market.

Homeownership stood at 67.2% in the second quarter of last year. Over the ensuing year, it actually rose in the Midwest — from 70.5% to 70.8% — while in the Northeast it fell slightly from 64.3% to 64.2%. The worst declines — from 70.0% to 69.1% in the South and 62.5% to 61.4% in the West — occurred in regions with the highest foreclosures..

Over the same period, the stock of year-round vacant homes for sale edged up to 1.97 million from 1.9 million. This was an improvement over 2008’s average of 2.23 million, suggesting that this may only be a temporary setback.

Unfortunately, the same cannot be said for the stock of year-round vacant units for rent, which rose to 4.44 million from 4.38 million a year earlier. The large number of available rental units has put downward pressure on rents and dampened financing for the construction of new multifamily rental properties.

Contact us at the BOLD Company to discuss your particular situation and opportunities.Builders Of Lifelong Dreams

HOW TO BUILD A CUSTOM HOME, Part 6: Interior Design Features — Custom luxury master suite – MORE PHOTOS!

August 4th, 2010

More photos of BOLD designed and built Luxury Master Suites!