Home Construction Leaps 17%

Neumann becomes second largest builder to fall in subprime collapse

(NEWSER) - Neumann homes, a top Chicago homebuilder, will file for Chapter 11 bankruptcy protection, the Chicago Tribune reports, making it the second-largest builder felled by the dive in the housing market. The company has laid off all but 20 of its 110 workers. “I’m not overly optimistic about the future of this industry right now,” said CEO Ken Neumann. Other area builders could follow, Bloomberg warns. More»

And there's no bottom in sight

(NEWSER) - The housing industry keeps finding new lows: Today's Case-Shiller price index shows that prices fell in the first quarter to the lowest levels since the crash began, reports the Wall Street Journal . The drop of 4.2%, on top of last quarter's 3.6% drop, is evidence of a "double dip in home prices across much of the nation," says an S&P official. The percentage of homeowners, meanwhile, has fallen to 66.4%, on par with levels in 1998, reports the New York Times . That's down from 69.2% in 2004. More»

Prices set to fall even further

(NEWSER) - The latest census figures on the housing market make for grim reading for homeowners. Some 18.4 million homes are vacant—11% of the nation's housing supply—and home ownership rates are dropping rapidly, CNBC reports. Prices are down year-over-year in all 28 major metropolitan areas tracked by the Wall Street Journal , and conditions look set to get even worse. More»

(NEWSER) - A decrease in vacant housing inventory and an uptick in sales have home builders ramping up construction for the first time in months, Time reports. Currently, the number of new homes on the market would take an estimated 8.8 months to sell—a far cry from the standard of 4 to 6 months, but a vast improvement over January, when the benchmark stood at 12.4 months. More»

More launch own programs to provide affordable homes

(NEWSER) - Churches that have long called for an increase in affordable housing have started taking matters into their own hands, the Washington Post reports: A growing number of them have launched their own housing projects, partnering with developers to build whole communities. Their weekly flow of donations allows them to qualify for financing, and the resulting real estate revenue diversifies church income and helps underwrite community programs like food banks. More»