Archive for April, 2010

New Lead Paint Rules for Contractors

Thursday, April 29th, 2010

Beginning Thursday, April 22, Earth Day, contractors working on homes built before 1978 must prove that they are following the Environmental Protection Agency’s new rules regarding containment and cleanup of lead paint – or face fines of up to $37,500 a day.

The new regulation requires painters and renovation contractors to be trained and certified in EPA-approved lead-paint management methods.

The EPA estimates that the new procedures will add $8 to $167 to the average interior remodeling project. Contractors say the cost will be much more.

Source: Washington Post, Deborah k. Dietsch (04/17/2010)

Posted in Basement Remodeling, Home Safety, Remodeling | No Comments »

Consumer Confidence at Highest Level Since September 2008

Wednesday, April 28th, 2010

Consumer confidence increased this month to the highest level since September 2008, considered the height of the financial crisis when banks were failing and the credit crunch was the worst.

The Conference Board — a private research group in New York — said the Consumer Confidence Index climbed to 57.9, from 52.3 in March. The closely watched index details consumer sentiment about business and the job market for the next six months.

Consumer spending accounts for 70 percent of the nation’s gross domestic product, making the Consumer Confidence Index important for the long-term economic outlook and the still-struggling recovery.

However, the index is far from indicating a healthy economy, which generally requires an index of at least 90. But it’s also far from the record-low of 25.3 in February 2009.

Posted in Home Economics, Housing Economics, Loans and Closings, Real Estate News, Tax Credit | No Comments »

New Energy Star Guidelines for 2011

Tuesday, April 27th, 2010

WASHINGTON - The U.S. Environmental Protection Agency (EPA) is announcing new, more rigorous guidelines for new homes that earn the Energy Star label. Compared to the current Energy Star guidelines, the new requirements will make qualified new homes at least 20 percent more efficient than homes built to the 2009 International Energy Conservation Code (IECC) – slashing utility bills for qualified homes by 15 percent compared to IECC code-built homes.

The updated requirements will ensure that the government’s Energy Star label continues to deliver a significant increase in energy efficiency over homes that are built to code and standard builder business practices. These guidelines will go into effect in January 2011, although some builders may choose to adopt the new requirements earlier.

Key elements of the new guidelines for Energy Star qualified homes include:

· A Complete Thermal Enclosure System: Comprehensive air sealing, properly insulated assemblies and high-performance windows enhance comfort, improve durability and reduce utility bills.

· Quality Installed Complete Heating and Cooling Systems: High-efficiency heating and cooling systems engineered to deliver more comfort, moisture control and quiet operation, and equipped with fresh-air ventilation to improve air quality.

· A Complete Water Management System: Because Energy Star homes offer a tightly-sealed and insulated building envelope, a comprehensive package of flashing, moisture barriers, and heavy-duty membrane details is critical to help keep water from roofs, walls, and foundations for improved durability and indoor air quality.

· Efficient Lighting and Appliances: Look for Energy Star qualified lighting, appliances and fans helping to further reduce monthly utility bills and provide high-quality performance.

· Third-Party Verification: Energy Star qualified homes require verification by independent Home Energy Raters who conduct a comprehensive series of detailed inspections and use specialized diagnostic equipment to test system performance.

More information about Energy Star qualified homes: http://www.energystar.gov

Posted in Green Building, Home Economics, Home Features, Home Maintenance, Housing Economics | No Comments »

Home Buyer Tax Credit Extended for Service Members

Tuesday, April 27th, 2010

 The National Association of Home Builders (NAHB) wants members of the military, foreign service and intelligence communities to know that they may have an additional year to buy a home and claim the home buyer tax credit, which expires for most Americans on April 30.

The law provides qualified service members who served on official extended duty outside of the United States for 90 days or more at any time between Jan. 1, 2009, to April 30, 2010, another year to buy a home and claim the credit. They have until April 30, 2011, to sign a sales contract, and until June 30, 2011, to settle and close on the home. Both the $8,000 first-time and $6,500 repeat home buyer tax credits are included in the rule.

“Congress recognized that many service members may have missed out on the home buyer tax credit due to being posted overseas,” said NAHB Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich. “It is only fitting that they be given another year to take advantage of this opportunity in appreciation of the sacrifices they have made serving our country.”

“Qualified service members” are defined as a member of the uniformed services of the United States military, a member of the Foreign Service of the United States, or an employee of the intelligence community.

The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members if they have to sell their home due to receiving government orders for extended duty service. 

NAHB provides information on the home buyer tax credit, including eligibility requirements and links to home buying resources, on its consumer website www.FederalHousingTaxCredit.com.

Posted in Home Economics, Housing Economics, Loans and Closings, Tax Credit | No Comments »

Weather Disrupts the Housing Numbers

Friday, April 9th, 2010

Check out the latest from the respected Economists of the National Association of Home Builders.

The Weather Disrupts the Housing Numbers

As feared, the February housing numbers were not good. Given the unusually bad weather in the South and along the East Coast that month — with record setting snow storms in the Mid-Atlantic region and up into New England — the expectation was that many of the economic statistics would be bad, even on a seasonally adjusted basis, and they were. (more)

House Price Stability?

House price measures have been sending off mixed signals recently. However, the consensus is that the worst is over, with small price vacillations up and down for some time to come.

At a minimum, housing prices have been falling at a much slower pace, and they have stabilized in many markets. As of January, the S&P/Case-Shiller seasonally adjusted 10-city and 20-city price indexes had both risen for eight consecutive months. (more)

Minimal Pressure on Consumer Prices

Consumer prices as measured by the Consumer Price Index (CPI) remained tame in February, rising 2.1% on a year-over-year basis, down from 2.7% in December 2009. Core inflation — excluding food and energy — rose 1.3% on a year-over-year basis, down from 1.8% as recently as December 2009. This gives the Federal Reserve room to continue its current expansionary monetary policy to aid the economy in its recovery from the Great Recession.

Building material prices, which generally fell during much of the housing recession, are now showing signs of rising. Although price increases to date have been relatively modest overall, the cost of some materials has jumped considerably —  including lumber, energy and copper. (more)

 

Posted in Home Economics, Housing Economics, Tax Credit | No Comments »

Green Features are Undervalued by Appraisers and Banks

Friday, April 9th, 2010

Home builders are complaining that the appraisers and lenders aren’t willing to recognize the value of green building features.

“What we’re finding is that the appraisal process, the lending process, the underwriting process for loans still hasn’t caught up with the market interest in green building,” says Kevin Morrow, senior program manager for the National Association of Home Builders’ green programs.

“Technological advances have radically changed — and are radically changing — the way we build houses. The banking and mortgage industries need to be educated,” says Mark Nuzzolo, owner of Brookside Development in Woodbridge, Conn.

Source: The Christian Science Monitor, Alexandra Marks (04/07/2010)

Posted in Green Building, Home Economics, Home Features, Housing Economics, Tax Credit | No Comments »