Foreclosure Filings Up Sharply In November "Then there's another group of loans that's due to reset in May and June, so we'll see another wave of defaults probably in the fall." U.S. homeowners increasingly failed
China Construction Bank May Report Drop in 2005 Profit on Lending Curbs April 6 -- China Construction Bank Corp., the nation's third-largest lender, may say 2005 profit fell 5.1 percent after the government curbed lending to cool the economy and rescinded a
Chicago Express buyer wants inventory A $1.25 million deal with an Illinois investment group to buy parts and inventory from ATA Airlines' grounded subsidiary Chicago Express does not include any planes, company officials said.via
Bernanke: There's No Housing Bubble to Go Bust Ben S. Bernanke does not think the national housing boom is a bubble that is about to burst, he indicated to Congress last week, just a few days before
US government takes on big role in mortgage market (AP via Yahoo! News) Uncle Sam has just become the 800 pound gorilla in the U.S. mortgage market. The Bush administration is seizing troubled mortgage giants Fannie Mae and Freddie Mac in a
Two giants creating the biggest mortgage group in the US. Bank of America and Countrywide Financial have held discussions about an alliance that would create the biggest mortgage lending group in the US, people close to the matter said.Commentread more...
(Money Magazine)—With home values tumbling and the mortgage market still in crisis, you’d think that Billie and Rodney Wylde would shelve their plans to build their North Carolina dream home – at least until the market stabilizes.
Not a chance. The thirtysomethings are set to pour the foundation on a 2,100-square-foot farmhouse with a wraparound porch in East Bend, a few miles from where they currently live. Estimated construction cost: $140,000.
The couple hope to be able to move in as soon as November. “All the media talk about is this crisis,” says Billie, an elementary school guidance counselor. “But it’s actually a very good time to build.”
She’s right. Behind the dark clouds hanging over the housing market is a very compelling silver lining: The cost of building the home of your dreams is coming down. “If one or two years ago it cost you $300,000 to build a custom home, today it should cost tens of thousands of dollars less,” says Jim Haughey, chief economist at Reed Construction Data.
Why? With new-home demand drying up, the price of some construction materials has started to sink like a poorly laid foundation. Framing lumber is now 18% cheaper than it was 18 months ago, while drywall is selling for 40% less.
read more…
This entry was posted
on Monday, March 17th, 2008 at 4:17 am and is filed under Home Building.
You can follow any responses to this entry through the comments RSS 2.0 feed.
You can leave a response, or trackback from your own site.
Leave a Reply