BuilderBytes' MetroIntelligence Economic Update for 2/06/12

Please click here to see the edition of BuilderBytes for 2/06/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:

• U.S. gains 243,000 jobs in January, almost all in the private sector at unemployment rate falls to 8.3%
• Both factory orders and inventories continued to rise in December
• Non-manufacturing sector activity rose at faster rate in January
  

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BuilderBytes' MetroIntelligence Economic Update for 2/03/12

Please click here to see the edition of BuilderBytes for 2/03/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:

• Construction spending rose in December but still down by 2.0% for 2011
• Private sector employment rose by 170,000 jobs in January
• Planned job cuts rose by 28% in January, generally the heaviest job-cut month of the year
• Initial unemployment claims fall by 12,000 in latest survey
• Worker productivity decreased in fourth quarter of 2011 as labor costs rose by 1.2%
• Manufacturing sector activity expands for 30th straight month
• Mortgage applications fall by 2.9% in latest survey

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President Obama outlines "Project Rebuild" to help housing market

From HousingZone.com:

Following up his original proposals during the State of the Union address, President Obama outlined the specifics of his plans to help the housing market recovery on Wednesday. The president outlined a seven-part effort that would address the housing crisis from multiple angles. The entirety of the president’s plan would be funded through an additional fee on large banks, a measure sure to face congressional opposition.

The plan was outlined as follows:

1. New and improved processes to help more borrowers refinance their mortgages

The goal is to create a new refinancing program that will be run by the Federal Housing Finance Agency. The FHFA initiative focuses on providing more borrowers the opportunity to refinance their mortgages. The central tenets of the proposal include:

- Allowing borrowers who have not obtained their loans through GSEs like Fannie Mae or Freddie Mac to refinance if they are current on their payments (even if they’re underwater) and meet some additional criteria
- Streamlining the refinancing process for all GSE borrowers up-to-date with their loans
- Helping borrowers use the refinancing progress to build up their equity

For non-GSE borrowers to qualify for refinancing, they must meet a minimum credit score; their loan can’t be larger than the current FHA conforming loan limits in their area; and they must be refinancing on a single-family, owner-occupied home that is their primary residence.

For GSE borrowers, the president’s plan would make the following improvements:

- Eliminate appraisal costs for all borrowers
- Increase competition amongst lenders to help lower prices for borrowers
- Extend the streamlined refinancing processes to all GSE borrowers

Under the president’s plan, borrowers with equity problems will also be able to rebuild some of that equity through refinancing. They will have the option of either making lower monthly payments on their loans instead of putting the savings in equity. As an incentive for the latter option, GSEs and the FHA may be required to cover the closing costs for borrowers.

2. The Homeowner Bill of Rights

The Homeowner Bill of Rights, the second part of Obama’s plan, would provide the following protections:

- Simpler mortgage forms, currently being designed by the Consumer Financial Protection Bureau
- Required full disclosure of all fees and penalties by lenders before they go into effect
- Minimizing conflicts of interest between borrowers and lenders
- Mechanisms to help at-risk homeowners
- Defenses against inappropriate foreclosure

3. Pilot sale to help transition real estate owned property to rental housing

This measure would essentially repurpose vacant and foreclosed homes into rental housing with the goal of reducing the inventory; this, in turn, should help stabilize housing prices.

4. 12 months of forbearance for unemployed borrowers

Extending the period of time when foreclosed borrowers are allowed to stay in their homes would give them more time to find much-needed employment. The extension will apply to both the FHA (up from four months) and HAMP (up from three months).

5. Joint federal-state investigations into mortgage origination and servicing abuses

The newly formed Residential Mortgage-Backed Securities Working Group will investigate financial institutions suspected of misconduct related to the pooling and sale of mortgage-backed securities. Officials from the Department of Justice, Department of Housing and Urban Development, Securities and Exchange Commission and state Attorney Generals will all be part of the effort.

6. Use unemployed construction workers to rehabilitate vacant and foreclosed homes

Deemed “Project Rebuild,” this effort would provide work for out-of-work construction employees nationwide, restoring hundreds of thousands of vacant and foreclosed homes and businesses. The president proposed setting aside $15 billion for the effort.

7. Expand eligibility requirements for HAMP

In addition to extending the life of the HAMP program to the end of 2013, Obama hopes to adjust the eligibility requirements to allow more people to take advantage. These changes would include:

- Helping those with secondary debt meet the requirements
- Adding properties currently occupied by a tenant or which the borrower intends to rent
- Provide additional incentives to lenders to modify loans to help borrowers rebuild equity

February column for Builder & Developer magazine now online

My column for the February issue of Builder & Developer magazine is now posted online.

For this issue, entitled "The Green Building Revolution Expands," I discussed the merging of green building and smart building techniques for all types of new building projects. As part of this column, I also interviewed CityView CEO Henry Cisneros (former HUD Secretary under President Clinton) and AMCAL President Arjun Nagarkatti.

An excerpt:

For the last two decades, we’ve continued to hear about the advantages of “smart growth,” and in most cases that means new developments which promote efficient land use, urban redevelopment, neighborhood revitalization and economic opportunity.Over the past few years, that definition has also expanded to include green building techniques, especially those related to energy efficiency and sustainability. Once relegated to certain project types, today smart, green building encompasses everything from high-rise office buildings to low-rise affordable housing options...

To read the entire column, click here.

To read the entire February 2012 issue in digital format, click here.

BuilderBytes' MetroIntelligence Economic Update for 2/01/12

Please click here to see the edition of BuilderBytesfor 2/01/12 on the Web.

In this issue of theMetroIntelligence Economic Update, I covered the following indicators:

• Case-Shiller Indices show continued decline in home prices
• Consumer Confidence Index decreases slightly in January
• Chicago Business Barometer falls slightly in January but still marks 28th month of expansion
• Personal income up, consumer spending flat in December
• Employment cost index rises by 0.4% in December in line with expectations

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BuilderBytes' MetroIntelligence Economic Update for 1/30/12

Please click here to see the edition of BuilderBytes for 1/30/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:

• GDP rose by 2.8% in fourth quarter of 2011
• University of Michigan Sentiment Index continued to improve in January
  

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BuilderBytes' MetroIntelligence Economic Update for 1/27/12

Please click here to see the edition of BuilderBytes for 1/27/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:

• New home sales fall slightly from November to end worst year on record; inventory just 6.1 months at current sales rates
• Pending home sales ease in December but still above year-ago levels
• Federal Reserve Open Market Committee opts to keep rates low through at least late 2014
• FHFA house price index rose by 1% in November but still down 18.8% from its April 2007 peak
• Durable goods orders surge for second consecutive month in December
• Economy continuing to improve according to Leading Indicator Index
• Mortgage applications fall by 5% in latest survey
• Initial unemployment claims rise by 21,000 in most recent survey
  

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BuilderBytes' MetroIntelligence Economic Update for 1/25/12

Please click here to see the edition of BuilderBytes for 1/25/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicator:

• IMF predicts mild European recession, lower global growth for 2012

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BuilderBytes' MetroIntelligence Economic Update for 1/23/12

Please click here to see the edition of BuilderBytes for 1/23/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:

• Existing home sales in December show uptrend
  

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BuilderBytes' MetroIntelligence Economic Update for 1/20/12

Please click here to see the edition of BuilderBytes for 1/20/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:

• NAHB Housing Market Index rises to highest levels since June of 2007
• Housing starts fall more than expected in December to cap worst year on record; building permits remain flat
• Philadelphia Fed survey shows continued moderate growth in January
• Initial unemployment claims drop by 50,000 from previous week
• CPI unchanged in December but up by 3.0% for 2011
• Industrial production rose by 0.4% in December and by 3.1% in 4Q 2011
• Wholesale prices fall in December but still up by 4.8% for all of 2011
• Mortgage applications rise sharply in second week of new year

Want to advertise in the newsletter and reach over 100,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.

Want to make sure your company or event is included in the events calendar? Contact editor Dani Smith at dsmith@penpubinc.com.