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Pulte Homes has moved forward into the third phase of its Sun City Shadow Hills project, an active-adult community. There are plans to add 947 homes, a new clubhouse and an 18-hole golf course. When the phase is completed, Sun City Shadow Hills will have about 3,424 homes, two clubhouses and two 18-hole golf courses to choose from. According to Pulte, it has closed escrow on 131 homes since January. Pulte is on a roll!
$162M
Home builders are buying land again! Lennar spent $162 million on land in second quarter and plans to spend $200 million more by end of the fourth quarter, the company reports.
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Hurricane Katrina hit the Gulf coast in late 2005. But as of late May, 23,000 families were still living in Federal Emergency Management Agency temporary housing units, according to FEMA.
$4.6 billion
The Federal Housing Administration is expected to lose $4.6 billion because it had to pull $4.6 billion from its $21 billion capital reserve fund to cover the costs from the high default rates on home loans, reports The New York Times.
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In a past issue, we reported that a barrel of oil was $101 and climbing to a predicted $120 a barrel, which translates roughly to $4 a gallon. Yeah ... we've passed that. Apparently that won't be the worst of it. MarketWatch predicts $8 a gallon for gas by the end of the year. Ouch.
115,000
New Jersey needs 115,000 new affordable housing units. The state may have an answer; for every five units of market-rate housing built, one unit of affordable housing will need to be built, The New York Times reports.
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Ed McMahon, former sidekick for Johnny Carson on "The Tonight Show," and his wife are $644,000 behind on their mortgage payments on a $4.8 million mortgage. They're in negotiations with their lender, Countrywide Home Loans, to set a foreclosure date.
8
A survey on housing data conducted by Global Insight, a financial research firm, and banking corporation National City Corp. found that only eight of 330 housing markets are overvalued. According to the survey, housing affordability is back to pre-bubble levels.
