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News: March 1, 2009
We read up on the housing rescue plan so you don't have to
Understand Obama's Rescue Plan
Watch, listen and read about the President's to stop foreclosures and rectify the housing industry.
Which Parts of Housing Need Assistance First? — Bloomberg TV
Bloomberg News' Kathleen Hays analyzes the rescue plan's effect. One analyst predicts housing starts and permits will continue to decline. Includes an update on manufacturing.
Housing Rescue Plan Details and Analysis — Bloomberg TV
A succinct yet detailed overview of the President's $75 billion rescue plan
President Obama's Announcement; Las Vegas Market Reaction — Associated Press, KVUU-TV
Watch President Obama's address, then listen to why one expert in the Las Vegas market is skeptical.
In one of the hardest hit states, Terry Goddard credits the President's plan to rescue homeowners facing foreclosure.
Barron's blogger Bob O'Brien also calls the rescue effort "wonkish."
Harvard's Retsinas: No Rescue Plan Equals Disaster — Bloomberg TV
Nicolas Retsinas' first reaction to the mortgage rescue plan: "It's about time." But, he notes, job losses complicate the solution.
Choice Homes Shuts Down — KHOU-TV
Fort Worth, Texas-based home builder Choice Homes ceased operations late February. Citing the likelihood of a deepening recession and tight credit lines, the company decided to go out of business, reports Ron Trevino of KHOU news.
A ray of sunshine among those dark thunder clouds: the inventory of existing homes for sale went down an average of 2.5 percent in January 2009.
Major home builders' shares took a plunge after changes made to the stimulus bill disappointed the industry's expectations.
Bellingham, Wash.-based Apex Construction went bankrupt, leaving investors and businesses in financial ruin.
Help for Home Builders Without Spending a Penny — The Manteca Bulletin
Instead of paying months in advance on growth fees, builders can have the growth fees on new housing be paid as part of the escrow process.
A review done by Grant Thornton Corporate Advisory and Restructuring Services of 33 U.S. home builders generating more than $10 million in revenue found that more than 30 percent are in danger of filing for bankruptcy.
The Fastest-Growing Towns — BusinessWeek
BusinessWeek and Gadberry Group worked together to identify communities in every state that experienced the largest growth. No. 1 on the list is Summerlin South, Nev., experiencing a 618 percent increase in growth.
High-End Modular Housing Companies Take Green to New Levels — The New York Times
Modular companies are catering to the luxury market with green concepts such as tankless water heaters, bamboo flooring and built-in rainwater harvesting.
Lennar Merges Florida Offices — Orlando Business Journal
Lennar is merging its Tampa, Fla., and Clermont, Fla., offices to create a central Florida division. The new division will be based in Tampa, Fla.
Ara Hovnanian, CEO of Hovnanian Enterprises, received a 20 percent pay raise and a big bonus while the value of the company dropped 76 percent.
Home Builder Having Difficult Time Clearing Name — The Herald Tribune
Dean Rossey Sr., former owner of Ideal Homes, is under investigation by the Charlotte County's Sheriff Department in Florida for stealing money from the company. The former owner wants to clear his name and put an end to the allegations, but it's not working out.
It Could Be Worse; It Has Been Worse — Realtor
New home prices have fallen 23 percent since March 2007. However, it was even worse from 1929 to 1932 when new home prices declined 68 percent.