Housing Starts and Building Permits Bounce Around All-Time Lows

The U.S. Census Bureau and the Department of Housing and Urban Development have released New Residential Construction statistics for November 2010. Housing Starts data estimates how much new residential real estate construction occurred in the previous month. New construction means digging has begun. Adding rooms or renovating old ones does not count, the builder must be constructing a new home (can be on old foundation if re-building). Although the report offers up single family housing, 2-4 unit housing, and 5-unit and above housing data, single family housing is by far the most important as it accounts for 70-80% of total home building (which might be shifting more toward multi-family in the years ahead). Building Permits data provides an estimate on the number of homes planning on being...(read more)

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Source: http://www.mortgagenewsdaily.com/12162010_housing_starts_building_permit.asp

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HUD Awards Extra Funding to Housing Counselors

Secretary of Housing and Urban Development (HUD) Secretary Shaun Donovan has announced the award of $73 million in housing counseling grants to more than 500 national, regional, and local organizations. The grants represent an increase of $13 million or 22 percent over last year's funding. According to HUD, the funds will permit hundreds of thousands of households a greater opportunity to find housing or keep their existing homes. Donovan pronounced the HUD-approved counseling agencies a critical part of the nation's housing recovery. "These organizations are on the front lines of helping families who are desperate to remain in their homes," he said. "Now, more than ever, it's crucial that we support these agencies that are working with struggling families on a one-to-one basis to manage their...(read more)

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Source: http://www.mortgagenewsdaily.com/12272010_hud_housing_counseling.asp

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Federal Reserve Tweaks ARM & Construction Loan Disclosure Regs

The Federal Reserve has issued an interim rule containing modifications to the September 2010 interim rule which implemented changes in the Truth in Lending Act (TILA) and Regulation Z. This interim rule revises the Board’s interim rule published on September 24, 2010, which implemented certain requirements of the Mortgage Disclosure Improvement Act of 2008. The September 2010 interim rule requires creditors who extend consumer credit secured by real property or a dwelling to disclose summary information about interest rates and payment changes in a tabular format. The Board is issuing this interim rule to clarify certain provisions of the September 2010 interim rule. The September Interim Rules require lenders to provide disclosures in tabular form of the contract interest rate and corresponding...(read more)

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Source: http://www.mortgagenewsdaily.com/12222010_tila_mdia.asp

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Lee Expresses Desire for Talks with North Korea

South Korean president's public comments focused on deterring further provocation through military readiness and national unity

Source: http://www.voanews.com/english/news/Lee-Expresses-Desire-for-Talks-with-North-Korea-112592954.html

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President Obama Signs Critical Legislation to Prevent Child Abuse and Domestic Violence

President Barack Obama signs S. 3817, the ?CAPTA Reauthorization Act of 2010,? (Child Abuse Prevention and Treatment Act) in the Oval Office,

This afternoon, I stood in the Oval Office and watched as President Obama signed the reauthorization of the Child Abuse Prevention and Treatment Act (CAPTA) which includes the Family Violence Prevention and Services Act (FVPSA.)  As he signed this crucial bill into law, the President was surrounded by Senators and Representatives, both Democrats and Republicans, and national advocates who work every day to end domestic violence and child abuse. 

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Source: http://www.whitehouse.gov/blog/2010/12/20/president-obama-signs-critical-legislation-prevent-child-abuse-and-domestic-violence

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