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NAHB Lauds Implementation of U.S.-Mexico-Canada Agreement

Filed in Housing Affordability, Trade by on July 1, 2020 2 Comments
NAHB Lauds Implementation of U.S.-Mexico-Canada Agreement

In a positive development that will provide forward momentum for housing and help address the nation’s growing affordability crisis, the U.S.-Mexico-Canada Agreement (USMCA) went into effect today.

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NAHB and Michigan Builders File Suit to Expand PPP Eligibility

Filed in Construction Industry, Disaster Response, Legal by on June 30, 2020 2 Comments
NAHB and Michigan Builders File Suit to Expand PPP Eligibility

With so many builders unfairly unable to obtain a forgivable loan under the Paycheck Protection Program (PPP), NAHB, along with the HBA of Michigan and HBA of Southeastern Michigan, today filed a lawsuit against the U.S. Department of Treasury and the U.S. Small Business Administration, challenging their decision to apply onerous regulations onto PPP that prevent certain builders and developers from accessing this much-needed source of funding and having those loans forgiven.

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FHA Extends Appraisal Program Through Aug. 31

Filed in Housing Finance by on June 30, 2020 0 Comments
FHA Extends Appraisal Program Through Aug. 31

The Federal Housing Administration (FHA) has announced it will allow exterior-only and desktop appraisals on FHA single-family programs affected by COVID-19 to be extended through Aug. 31.

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IRS Not Extending July 15 Tax Deadline

Filed in Economics by on June 30, 2020 0 Comments
IRS Not Extending July 15 Tax Deadline

The Department of Treasury and IRS has announced the July 15 tax-filing and payment deadline will not be extended a second time due to the coronavirus pandemic. The IRS originally extended the April 15 deadline as a result of the pandemic. However, individuals taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15.

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Fannie Mae and Freddie Mac Extend Forbearance for Multifamily Property Owners

Filed in Disaster Response, Housing Finance, Multifamily by on June 29, 2020 0 Comments
Fannie Mae and Freddie Mac Extend Forbearance for Multifamily Property Owners

The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac (the Enterprises) are allowing servicers to extend forbearance agreements for multifamily property owners with existing forbearance agreements for up to three months, for a total forbearance of up to six months.

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Supreme Court Opinion Allows CFPB to Keep Operating; President Can Remove the Director

Filed in Codes and Standards, Housing Trends, Legal by on June 29, 2020 0 Comments
Supreme Court Opinion Allows CFPB to Keep Operating; President Can Remove the Director

In a ruling that will avoid disruptions to the nation’s mortgage and lending markets, the Supreme Court ruled today that the Consumer Financial Protection Bureau (CFPB) can continue operating but the president has the authority to remove the director “at will.”

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NAHB Leaders Call on Treasury Secretary to Expand PPP Eligibility for Builders

NAHB Leaders Call on Treasury Secretary to Expand PPP Eligibility for Builders

NAHB Chairman Chuck Fowke and CEO Jerry Howard held a virtual discussion with Treasury Secretary Steve Mnuchin today and urged the secretary to expand eligibility under the Paycheck Protection Program (PPP) to allow more workers in the residential construction sector to access the loan program.

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Fewer Builders Cutting Home Prices as a Result of the Pandemic

Filed in Economics, Housing Trends by on June 25, 2020 6 Comments
Fewer Builders Cutting Home Prices as a Result of the Pandemic

In a further sign that the housing rebound is gaining momentum, fewer builders are lowering home prices as a result of the COVID-19 pandemic. Last month’s HMI survey revealed that just 22% of builders nationwide cut prices in April 2020. This month’s survey reveals that the share of builders reducing prices to bolster sales dropped even lower in May, down to 15%. For historical context, 49% of builders cut prices in March 2008, in the midst of the last housing recession.

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Remodelers’ Profits Remain Flat

Filed in Economics, Housing Trends, Remodeling by on June 23, 2020 0 Comments
Remodelers’ Profits Remain Flat

The industry-average net profit margin for remodelers was 5.2% in 2018, essentially unchanged from the 5.3% reported in 2015, according to the latest Remodelers’ Cost of Doing Business Study. The report includes a nationwide survey of residential remodeling companies designed to produce profitability benchmarks for that segment of the construction industry.

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Trump Signs Proclamation Suspending Certain Work Visas Through End of Year

Filed in Labor by on June 22, 2020 0 Comments
Trump Signs Proclamation Suspending Certain Work Visas Through End of Year

Citing job losses stemming from the COVID-19 pandemic, President Trump has issued a proclamation extending his existing ban on immigrant visas and further suspending work visas through the end of the year, including H-2B visas used by employers in the construction industry.

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