Builder confidence in the market for newly built, single-family homes remained unchanged at a rate of 16 for a fourth consecutive month in February, according to the National Association of Homebuilders/Wells Fargo Housing Market Index, released today. The index gauges builder perceptions of current single-family home sales and sales expectations for the next six months, and anything below 50 means builders consider conditions poor. “While builders are starting to see more interest among potential home buyers, we are also dealing with a multitude of challenges, including competition from foreclosure properties and inaccurate appraisals of new homes, which are limiting our ability to sell,” said Bob Nielsen, chairman of the NAHB. TRD 2 Comments
Posts Tagged ‘national association of homebuilders’
Most homebuyers who claimed the federal tax credit of up to $7,500 for buying their first home in 2008 are required to start repaying the credit in 15 annual installments, beginning with their 2010 tax returns, according to the National Association of Homebuilders. The credit — which was offered for qualified home purchases in 2008, 2009 and 2010 — has different repayment rules depending on when the home was purchased and as tax season approaches, this may cause confusion. “It is important that homebuyers consult a qualified tax professional to make sure they are receiving all the tax benefits as well as fulfilling the obligations of their home purchase,” said Bob Nielsen, chairman of the NAHB and a home builder from Reno, Nev. The Internal Revenue Service is sending a letter to taxpayers who claimed the credit that explains the repayment options. The credit for homes purchased in 2009 and 2010 does not have a repayment requirement unless the home ceases to be used as the taxpayer’s principal residence within three years of the purchase. The homebuyer tax credit program expired for the majority of Americans in 2010, with some exceptions, such as service members who were on duty. TRD
The average size of new single-family homes completed in 2010 got smaller, a trend expected to continue for several years, according to the National Association of Home Builders. In 2010, completed homes measured an average of 2,377 square feet, down about 3 percent from 2009, the Wall Street Journal reported. By 2015, builders expect the average home size to shrink to just 2,152 square feet. This downsizing ends an expansion that spanned nearly three decades, when the average size peaked at 2,521 square feet in 2007. More than half of builders expect to build smaller and lower-priced models in 2011. However, not all experts agree that oversized homes are on their way out. The NAHB noted that the average size of homes started last year increased slightly in the South. An online survey by Better Homes and Gardens magazine found that about 40 percent of consumers want to increase their total home size with their next move. The median square footage of current homes is 1,864 homes, slightly below the desired 1,914 square feet. [WSJ]
Builder confidence in the market for newly built, single-family homes rose 3 points this month, the first improvement in five months, according to the National Association of Home Builders/Wells Fargo Housing Market Index, released today. “Builders are starting to see some flickers of interest among potential buyers, and are hopeful that this interest will translate to more sales in the coming months,” said NAHB Chairman Bob Jones. “However, because most builders still have no access to credit for building homes, there is a real concern that we will not be able to meet the pent-up demand when consumers are ready to get back in the market. This problem threatens to severely slow the housing and economic recovery.” All three of the NAHB indexes registered gains in October. The index gauging current sales conditions rose 3 points, while the index gauging sales expectations in the next six months rose 5 points and the index gauging traffic of prospective buyers rose 2 points to 11. TRD
In a move that proves rebranding doesn’t mean ditching your patriotism, the National Association of Home Builders has swapped its iconic eagle logo for a red and blue getup. The new logo is a part of, in the group’s words, a “sophisticated new branding strategy,” the first time it’s made such a move in its 67-year history. The logo is apparently just one element of the group’s ongoing efforts to change its image, which an association spokesperson said it began three years ago.