Content about Real estate

The National Association of Home Builders (NAHB) and a Chinese trade group have signed a major exhibition agreement that will bring a large number of additional manufacturers and products to the annual NAHB International Builders' Show in Las Vegas in January 2013.

A formal signing ceremony was held April 19 in Foshan, China, between officials from the China Building Ceramics & Sanitaryware Association and NAHB's immediate past chairman Bob Nielsen, a home builder and developer in Reno, Nev., and Mark Pursell, NAHB senior VP for exhibitions, marketing and sales.

According to a report by CoreLogic, a provider of information, analytics and business services, the United States saw more than 860,000 completed foreclosures between January 2011 and January 2012. There were 69,000 completed foreclosures in January 2012, 65,000 the previous month. In January 2011, the completed foreclosure rate was 80,000.

The list of housing markets continued to show improvement, according to a measurement by the National Association of Home Builders (NAHB), which expanded its “Improving Markets Index” to nearly 100 metro regions in February 2012. A total of 29 markets were added, bringing the total to 98 entries on the National Association of Home Builders/First American Improving Markets Index (IMI). Thirty-six states are now represented by at least one market on the list. 

Just outside of Orlando, Fla., a 4,181-sq.-ft. home with a clean, modern design is carrying on a tradition now its 29th year -- the unveiling of The New American Home.

The project is sponsored by The National Association of Home Builders, organizers of the International Builders' Show set for Orlando Feb. 8 to 11, and Builder magazine.

The U.S. Government Accountability Office (GAO), in a recent study on the effectiveness of real estate appraisals, found that the Appraisal Subcommittee, which oversees the regulatory programs established by the states, has not adequately performed its duties because of underfunding and other problems.

A running shoe company that wants to build a “deep green” store -- but needs a major exemption to zoning regulations to do it -- has created a controversy in Seattle. According to an article in the Seattle Times, developer Skanska USA has signed Brooks Sports as the anchor tenant in a mixed-used building it wants to build. But the five-story retail building, which is already allowed an extra 10 ft.

Banner Supply Co., the Miami-based drywall distributor, has agreed to pay $53 million to settle a class-action lawsuit claiming it sold defective drywall imported from China. The settlement offer, which is still subject to court approval, will be deposited into an escrow account for plaintiffs who claim their houses need remedial work after being built with toxic drywall.

Banner and its insurers deny any wrongdoing, pointing out that the company never manufactured the drywall it sold or delivered. 

The Chinese Drywall Complaint Center, a self-described consumer interest group, said it intends to expand its investigations involving toxic or defective imported Chinese-made building products. 

In a statement released yesterday, the group claimed the problem of defective drywall deserves more attention from the U.S. Consumer Products Safety Commission and President Obama. Also, the group raised concern over imported Chinese leather furniture.

The National Association of Realtors (NAR) reported that existing-home sales declined in July compared with June, but have improved compared with a year ago.

Total existing-home sales, which are based on transaction closings of single-family, townhomes, condominiums and co-ops, fell from a seasonally adjusted annual rate of 4.84 million in June to 4.67 million in July, a decrease of 3.5%. However, existing-home sales for July 2011 were 21.0% above the 3.86 million-unit pace in July 2010.

In an attempt to shore up the housing market and also provide more affordable rentals, the federal government is considering the idea of turning some of the 250,000 foreclosed homes it owns into rental units. On Aug. 10, the U.S. Department of Housing and Urban Development (HUD) announced it was seeking public input on “new options” for selling single-family homes owned by Freddie Mac and Fannie Mae. 

An article in the Tampa Tribune reported that a Tampa builder who agreed to move families out of homes built with toxic Chinese drywall and make the necessary repairs has now rescinded the offer.