Housing Giants - October 24, 2008 - (Page 10)

news & Moves Fannie Mae and Freddie Mac into conservatorship, Builder confidence will be up. According to the HMI released in September, builder confidence for newly built single-family homes rose for the first time in seven months. But don’t rush out and start rebuilding too quickly, says Rick Peters, president of consulting and construction business R.E. Peters Co. in Huntington Beach, Calif. Home builders will need to ease back into housing starts as they still have 10-plus months of inventory to sell off. “What is going to happen here if we are not careful is as all of the builders are selling off their remaining products, the economy gets better, people submit plans and everyone starts up [building] around the same time, in the same quarter, then that will create other impacts and we are not quite sure of what magnitude that will be,” says Peters. As a result, the industry could end up with a surplus of homes again and the cycle could quickly repeat. His advice: Take it slow and get prospective buyers to sign on the dotted line. “Pre-sales are going to be important.” By Jennifer Powell, Staff Writer Boards of freddie Mac, fannie Mae Get new chairMen The Federal Housing Finance Board announced two new appointments to the boards of Freddie Mac and Fannie Mae. John A. Koskinen will be the new nonexecutive chairman of Freddie Mac. Philip A. Laskawy will serve as the nonexecutive chairman of Fannie Mae. hovnanian ceo says fix housinG, fix crisis Watch this interview from Bloomberg TV with Hovnanian Enterprises CEO Ara Hovnanian that discusses whether the government is doing enough for home builders in its rescue plans. Listen to what Hovnanian thinks should be done – including a tax credit for home buyers. Also, what’s in store for debt-laden Hovnanian Watch Video Enterprises? 10 HOUSING GIANTS.10.24.08 www.HOUSINGGIANTS.cOm http://www.clipsyndicate.com/publish/video/718387/spotlight_hovnanian_enterprises http://www.housinggiants.com

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Housing Giants - October 24, 2008

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