Eric D. Colburn, PLS

Professional Land Surveyor News

FEMA and NOAA Renew Partnership to Encourage Flood Safety

March 15, 2010

As one of the snowiest winter seasons in many years yields to warmer weather and the promise of rain and snowmelt, the Federal Emergency Management Agency’s FloodSmart Campaign and the National Oceanic and Atmospheric Administration announced that they are again working together during Flood Safety Awareness Week (March 15-19) to raise awareness of the dangers associated with flooding and steps to protect against damage. Year in and year out, floods are the most common, costly and deadly severe weather related disaster in the U.S. NOAA will announce this year’s official spring flood outlook on March 16, and an unusually wet and snowy winter in many communities will likely increase the potential for spring flood events. Both agencies urge that important measures can–and should–be taken now to ensure safety and financial security, including obtaining flood insurance.

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Professional Land Surveyor News

Builder Confidence Improves in February

February 16, 2010 – Builder confidence in the market for newly built, single-family homes rose two points to 17 in February as favorable home buying conditions and signs of healing in the job market helped boost the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.

“Continued low interest rates, very attractive home prices that appear to have stabilized in many markets, and the availability of the home buyer tax credit make this an opportune time for potential purchasers,” said NAHB Chairman Bob Jones, a home builder from Bloomfield Hills, Mich. “As a result, builders are slightly more optimistic that the housing recovery is finally beginning to take root.”

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RealtorsTV: National Association of Realtors-Existing Home Sales Down But Prices Rise

Professional Land Surveyor News

December Existing-Home Sales Down but Prices Rise; 2009 Sales Up

Washington, January 25, 2010

After a rising surge from September through November, existing-home sales fell as expected in December after first-time buyers rushed to complete sales before the original November deadline for the tax credit. However, prices rose from December 2008 and annual sales improved in 2009, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 16.7 percent to a seasonally adjusted annual rate1 of 5.45 million units in December from 6.54 million in November, but remain 15.0 percent above the 4.74 million-unit level in December 2008.

For all of 2009 there were 5,156,000 existing-home sales, which was 4.9 percent higher than the 4,913,000 transactions recorded in 2008; it was the first annual sales gain since 2005.

Lawrence Yun, NAR chief economist, said there were no surprises in the data. “It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit,” he said. “We’ll likely have another surge in the spring as home buyers take advantage of the extended and expanded tax credit. By early summer the overall market should benefit from more balanced inventory, and sales are on track to rise again in 2010. However, the job market remains a concern and could dampen the housing recovery – job creation is key to a continued recovery in the second half of the year.”

An NAR practitioner survey2 shows first-time buyers purchased 43 percent of homes in December, down from 51 percent in November. Repeat buyers rose to 42 percent of transactions in December from 37 percent in November; the remaining sales were to investors.

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Washington, July 01, 2009

Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of Realtors®.

The Pending Home Sales Index,¹ a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.

Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of contracts that go to closing. “Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions,” he said. “Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.”

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National Association of Realtors Reports Pending Home Sales Up for Three Months in a Row

WASHINGTON, June 02, 2009

Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors^®.

The Pending Home Sales Index,¹ a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”

The Pending Home Sales Index in the Northeast shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago. In the Midwest the index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008. The index in the South slipped 0.2 percent to 93.0 in April but is 3.5 percent higher than a year ago. In the West the index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008.

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WASHINGTON, D.C. (April 8, 2009) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 3, 2009.  The Market Composite Index, a measure of mortgage loan application volume, was 1250.6, an increase of 4.7 percent on a seasonally adjusted basis from 1194.4 one week earlier.  On an unadjusted basis, the Index increased 4.9 percent compared with the previous week and 67.6 percent compared with the same week one year earlier.

The Refinance Index increased 3.2 percent to 6813.5 from 6600.1 the previous week and the seasonally adjusted Purchase Index increased 11.1 percent to 297.7 from 268.0 one week earlier.  The Conventional Purchase Index increased 7.7 percent while the Government Purchase Index (largely FHA) increased 17.1 percent.

The four week moving average for the seasonally adjusted Market Index is up 13.3 percent.  The four week moving average is up 4.2 percent for the seasonally adjusted Purchase Index, while this average is up 16.0 percent for the Refinance Index.

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Pulte and Centex to Merge Creating America’s Largest Homebuilding Company

Combined Organization Positioned For Growth through Segment and Market Diversity, Streamlined Operations, Unmatched Leadership in Customer Satisfaction

Expects to Retire in Excess of $1 Billion of Debt Maturities Prior to Year-End 2009

Expected to Realize Efficiencies and Cost Savings of Approximately $350 Million Annually

Poised for Accelerated Return to Profitability

BLOOMFIELD HILLS, Mich. and DALLAS, April 8 /PRNewswire-FirstCall/ — Pulte Homes, Inc. (NYSE: PHM) and Centex Corporation (NYSE: CTX) announced today that their respective boards of directors have unanimously approved a definitive merger agreement under which Pulte and Centex will combine in a stock-for-stock transaction valued at $3.1 billion, including $1.8 billion of net debt.

In calendar year 2008, Pulte and Centex delivered more than 39,000 closings with combined pro forma revenues of $11.6 billion. The combined company will have the strongest liquidity position among its peer group with more than $3.4 billion of cash as of March 31, 2009. Pulte and Centex ended March with approximately $1.7 billion of cash each.

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