Build Your Smaller Dream Home

Today’s Wall Street Journal reports that the average new single-family house peaked at 2,507 square feet in 2007 and has since slipped to 2,392 square feet, according to Census Bureau data.   On the Journal’s Real Estate webpage, you can tour a builder’s recent design to appeal to today’s buyers of newly constructed luxury homes.  The houses are smaller and the 2 -story family rooms and butler’s pantries are gone.

 

Construction Boom in Macau

While new construction development has slowed in the United States and much of the world, it is back on track in the Cotai area of Macau. Today’s Wall Street Journal reports that Las Vegas Sands is resuming construction of a 13.3 million square feet casino and 3 new hotels and conference halls slated to open by June 2011. Las Vegas Sands plans to hire 12 to 13 thousand construction workers ober the next 12 to 18 months. Las Vegas Sands already operates the Venetian Macau casino-hotel.

 

Current State of the Mortgage Market

The Federal Government has taken important steps to increase mortgage activity, including increasing loan limits for Fannie Mae, Fredie Mac and the FHA and agreeing to buy $600 billion of mortgage debt from Fannie and Freddie.  The latter announcement resulted in mortgage rates on government backed loans dropping by a third of a percentage point.  However, self-employed borrowers and nonconforming or “jumbo” loan borrowers (loans in excess of $417,000 to $729,000, depending on the market) are finding it difficult to obtain a bank loan, even with good credit and savings, because lenders are relying heavily on loans gauranteed by Fannie Mae and Freddie Mac and the FHA.    The Personal Journal of today’s Wall Street Journal has an informative article on this situation including some tips from mortgage brokers on how borrowers can improve their chances of obtaining mortgage financing.

 

Construction Development In NoMa Section of Washington DC

http://www.nytimes.com/2008/09/24/business/24noma.html?ex=1379995200&en=d3d9dd71cb9ced7f&ei=5124&partner=permalink&exprod=permalink

 

Builder Incentives In Today’s Turbulent Housing Market

The House Talk Section at wsj.com has an interesting Q&A column of advice for potential buyers of new residential construction.  The article discuses builder buy backs, interest rates and points, discounts on upgrades, and lease back deals.

 

News Clippings

The Home Front Section of today’s Wall Street Journal has an informative article (with pictures) on roofing material options.    Asphalt shingles are compared to architectual asphalt shingles, composite, metal, cedar wood shakes, slate, and clay tile.