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Home    Education    Legislative    Publications    Calendar    Sunbelt Builders Show    Resources Jul. 25, 2013

TAB News Briefs
Jul. 25, 2013
TAB Quick Links >    Home     Education     Legislative     Publications     Calendar     Sunbelt Builders Show     Resources

With time running out, lawmakers scramble on road plan
The Texas Tribune    Share    Share on FacebookTwitterShare on LinkedinE-mail article
With less than a week left in the current special session and Gov. Rick Perry threatening to call them back for another one, the Texas House and Senate are set to meet this afternoon with lawmakers hoping to hash out a transportation funding compromise. Legislators hope to have something to vote on this afternoon, but as of Wednesday evening, negotiators from the two chambers remained far apart. More

New home sales hit 5-year high, prices soar
Reuters    Share    Share on FacebookTwitterShare on LinkedinE-mail article
New U.S. home sales vaulted to a five-year high in June, while other data showed an acceleration in factory activity in July, boosting hopes of a third-quarter pick-up in economic growth. Showing no signs yet of slowing in the face of higher mortgage rates, single-family home sales increased 8.3 percent to a seasonally adjusted annual rate of 497,000 units, the highest level since May 2008, the Commerce Department said. More

McNeely: Election turnover in 2014 biggest since 1990
Longview News-Journal    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The political ambition tube has come unclogged, now that Gov. Rick Perry has finally said he won't run for re-election in 2014, after 14 years in office. The political land rush will add to turnover of at least six statewide offices. That's the most since 1998, when six also changed hands — every non-judicial office except governor. More


Why are home builders so happy?
HSH    Share    Share on FacebookTwitterShare on LinkedinE-mail article
After several unbelievably lean years, sales of new homes have picked up, profitability is returning and the prospects for continued recovery are bright. For builders, the worst has passed and there is plenty of opportunity to grow, even if we never again see the near 1.4 million (annualized) peak rate of sales. New-home sales could easily grow 100 percent from these levels over the next few years, and that would still leave us shy of a million units. More

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Bill to end Fannie Mae, Freddie Mac clears House committee
Austin Business Journal    Share    Share on FacebookTwitterShare on LinkedinE-mail article
After a marathon markup session, the House Financial Services Committee approved legislation to wind down Fannie Mae and Freddie Mac over five years and rely on the private sector to provide a secondary market for residential real estate mortgages. The committee approved the Protecting American Taxpayers and Homeowners Act on a party-line vote after working on the bill 11 hours. Democrats offered numerous amendments to the bill, but all were defeated. More

Austin home inventory falls to 2.9 months
Austin Board of Realtors via Real Estate Center at Texas A&M University    Share    Share on FacebookTwitterShare on LinkedinE-mail article
According to the Multiple Listing Service report released Monday by the Austin Board of Realtors, Austin-area year-over-year housing inventory fell to 2.9 months in June, a decrease of 1.5 months from June 2012. Mid-year statistics for 2013 reinforced a strong demand for the market, including a 19 percent increase in home sales and 25 percent fewer days on the market compared to the first six months of 2012. More

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Remodelers continue to see increase in business
National Association of the Remodeling Industry    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The National Association of the Remodeling Industry's second-quarter Remodeling Business Pulse data of current and future remodeling business conditions continues to soar, as quarter-over-quarter increases are seen nearly all sub-components measuring remodeling activity. Deep into the "remodeling season," so to speak, remodelers are reporting the highest overall rating on overall business conditions at 6.31, up from 5.97 reported during the first quarter. This rating has steadily increased in the six quarters NARI has been tracking thus far. More

New-home sales jump 8.3 percent in June
National Association of Home Builders    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Sales of newly built, single-family homes surged 8.3 percent to a seasonally adjusted, annual rate of 497,000 units in June, their fastest pace in the last five years, according to data released today by HUD and the U.S. Census Bureau. "New-home buyers are returning to the market in larger numbers as firming prices, shrinking inventories of homes for sale and improving local economies convince them that now is the time to make their move," said Rick Judson, chairman of the National Association of Home Builders and a home builder from Charlotte, N.C. More

The ultimate donor leaves a void
Politico    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Earlier this year, on April 12, Texas construction magnate Bob Perry cut a million-dollar check to the Republican Governors Association, a group he regularly supported in his long tenure as one of the country’s top political donors. The next day, at the age of 80, Perry died. In life, Perry spent more than a decade as a financial pillar of the Republican Party; he was the third-biggest political contributor of the 2012 cycle, and hit the number-one mark in multiple previous campaigns. In death, friends and political allies say he leaves a void where there was once a reliable funding stream for the GOP. More

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Buzz building on Bernanke successor at Fed
USA Today via Rochester Democrat and Chronicle    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The media buzz over who might succeed Ben Bernanke as Federal Reserve chairman is growing louder despite what could be a long wait for a nominee. Bernanke hasn't even said officially that he will step down when his second term as Fed chairman expires in January, although that's been widely expected for months. Many Fed watchers predict President Barack Obama won't announce until fall who will lead the Fed next year. More

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DR Horton earnings beat analysts' estimates on price increases
Bloomberg Businessweek    Share    Share on FacebookTwitterShare on LinkedinE-mail article
D.R. Horton Inc., the largest U.S. home builder by volume, reported fiscal third-quarter profit that beat analysts' estimates as demand for homes increased. Net income was $146 million, or 42 cents a share, for the three months ended June 30, compared with $787.8 million, or $2.22, a year earlier, when the Fort Worth-based company booked $716.7 million in non-cash deferred tax assets, according to a statement. More

Dallas Rep. Dan Branch begins campaign for attorney general
The Dallas Morning News (Subscription required)    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Rep. Dan Branch kicked off his campaign for Texas attorney general, promising to defend conservative values and fight against government overreach. At SMU's Dedman School of Law, the Dallas Republican said he would follow the path of Attorney General Greg Abbott, who has sued the Obama administration 27 times. More

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Home Depot, Lowe's may be hit by real estate trends
24/7 Wall St. via Yahoo Finance    Share    Share on FacebookTwitterShare on LinkedinE-mail article
According to a new report from the National Association of Realtors on existing home sales in June may mean that there is trouble brewing for home improvement centers like The Home Depot Inc. and Lowe's Companies Inc. And it's not just because sales were down in June. In order for home improvement stores to thrive, consumers have either to buy an existing home and fix it up, or fix up the houses they now have. The larger expense for a homeowner is buying an existing home and fixing it up, and that's where Home Depot and Lowe's want to be. More
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