Housing starts fall in April, suggesting fewer homes will be built in 2011 than expected.
For the first time, the NAHB/Wells Fargo Housing Opportunity Index was broken down to analyze the differences in income and housing affordability across five different races/ethnic groups. The 2010 data show disparities in housing affordability between major races and ethnic groups across the U.S.
A survey shows that the Housing Market Index remains at the same low level, although builder confidence in current sales conditions and prospective buyer traffic is up slightly.
The federal government’s largest housing construction program for the poor has wasted hundreds of millions of dollars on delayed or discarded projects and consistently failed to crack down on delinquent developers or the local housing agencies that funded them, according to a yearlong Washington Post investigation.
Remodeling activity continues to increase across the country as the BuildFax Remodeling Index showed the 17th straight month of year-over-year increases.
Foreclosure activity last month dropped 9 percent from March 2011 and 34 percent from April 2010, according to RealtyTrac's latest U.S. Foreclosure Market Report. Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, were reported on 219,258 U.S. properties in April, the lowest level in more than three years.
Freddie Mac last week released its U.S. Economic and Housing Market Outlook for May showing a pick-up in economic growth in the second half of 2011 and a projected 5 percent increase in 2011 home sales over 2010, on a calendar year basis.
As part of its multi-year effort to consolidate its management structure, PulteGroup will eliminate as many as 10 executives at the divisional president level or higher, according to a Wall Street Journal report. The cuts come several months after Pulte downsized its operations from six regions to four and eliminated the COO position.
The nation’s largest banks have offered to pay up to $5 billion to settle claims by federal and state officials of improper mortgage-servicing practices, according to the Wall Street Journal. This offer low-balls what was proposed by state and federal officials, some of whom are asking for more than $20 billion in penalties.
Mobile, Ala., and Tacoma, Wash., are among the 10 housing markets that will see the biggest rebound in 2011, according to 24/7 Wall St. Review, which analyzed data from Fiserve Case Shiller. The list indicates that two kinds of real estate markets are on the rise: one that was generally stable, but was hurt by the recession, and one that will rise because lower housing costs are making it affordable for residents to buy a home for the first time in decades.