Realtors: Recovery will take time

Realtors at the annual conference in New Orleans got a sobering reminder that the housing boom is gone for good, The Wall Street Journal reported.

Banks issuing more jumbo mortgages, could boost home sales in wealthier areas

So-called “jumbo” mortgages are back in vogue. Although still far below 2007 levels, more smaller and regional lenders, as well as some big banks, are issuing more large loans, The Wall Street Journal reported. The increase in jumbo mortgages could help boost home sales in wealthier areas.

Add value rather than cut prices

Though counterintuitive in today’s market, a new pricing study from McKinsey & Co. suggests that a modest price increase on a cost-per-square foot basis might be worth considering.

Obama administration changes position on foreclosures

Last year, the Obama administration was committed to mitigating the wave of foreclosures. Now, CNNMoney reports that officials are highlighting the need for foreclosures, calling them “an important part of ensuring longer-term stability in the market."

Homeownership rate lowest in a decade

The percentage of households that owned their home hit its lowest level since 1999. The rate for the July-September quarter remained unchanged at 66.9%. Homeownership reached its peak in 2004, with more than 69% of households owning their home.

Toll Brothers settles lawsuit for $25 million

Toll Brothers, the largest luxury home builder in the U.S., agreed to a $25 million settlement in an investor lawsuit, Reuters reported. Investors claimed the company overstated its ability to manage to housing slump. Toll Brothers denied wrongdoing in agreeing to settle.

Report: Positive outlook for 2011 residential construction market

The single-family housing market will grow 27 percent in dollars in 2011. That translates into a 25 percent increase in the number units to 565,000, according to the McGraw-Hill Construction Outlook report. Multifamily housing is also expected to increase in '11.

Centex purchase haunts Pulte one year later

Pulte suffered nearly $1 billion in losses in the third quarter as orders fell and charges racked up on its $1.3-billion purchase of Centex a year ago, the Wall Street Journal reported. To combat the losses, the company plans to reduce costs by nearly $100 million next year by consolidating divisions and cutting staff. Pulte reported losses of about $360 million a year ago.

Sales

9 Traits of Sales-Driven Home Builders

Even in this economy, there are builders in all markets producing good numbers. How are they doing it? 

Owens Corning profits fall in third quarter

Owens Corning, a housing materials manufacturer, said its third quarter revenue fell 12 percent to $1.19 billion, Fox Business reported. Wall Street had predicted revenue of $1.26 billion.