The CPSC and Sears have issued a recall for some models of Kenmore Dehumidifiers. The units can overheat, smoke and catch fire becoming a fire and burn hazard. The recall is in effect for approximately 795,000 units sold in the U.S.
Two NPI inspectors are expanding their business. Jim Freebody of Middle Island, NY has hired Brett Freebody and Bob Valan of Palos Park, IL has hired Bill Kelly. Congratulations to Brett, Bill, Jim, and Bob.
According to the National Association of Home Builders (NAHB), America’s construction industry is positive about one more sector of the housing market: 55+ single family homes. A recent NAHB study shows that home builders have more than twice as much confidence in this sector from the previous year. The 55+ Housing Market Index (HMI) rose to 29 points for this year’s second quarter from 13 the year before. The index gauges market perception from the construction industry across the country. This improvement shows one more area – for those in the 55 and up age group – of the housing market that is seeing increased optimism from American home builders.
The second week in July saw a continuing rise is mortgage applications. The Mortgage Bankers Association’s Weekly Applications Survey showed a 16.9% increase from just a week before. This is partly due to record low mortgage rates. Some of the following mortgage rates are represented below:
- 30 year fixed rate mortgages with conforming loan balances fell to 3.74% from 3.79%
- 30 year fixed rate mortgages with jumbo loan balances fell to 3.98% from 4.05%
- 30 year fixed rate mortgages backed by the FHA fell to 3.55% from 3.63%
- 15 year fixed rate mortgages fell to 3.12% from 3.15%
- All were the lowest numbers since being recorded by the Mortgage Bankers Association
The CPSC and The Burlington Coat Factory have issued a recall for Lush Life power strips. There are issues with the power strip’s wiring that can cause the unit to become a shock or fire hazard. The recall is in effect for approximately 6,000 units sold in the U.S.
According to HUD and the US Census Bureau, housing construction starts increased 6.9% for the month of June, up to 760,000 units during this time period. Not since October of 2008 have we seen this amount of home building activity. This was the fourth month in a row where single-family housing starts are up. Multifamily unit starts were also up with a 12.8% increase during June.
The CPSC has issued a recall for 200 Mini Lights decorative light sets sold in Dollar Stores throughout America. The lights do not meet UL standards and can become a fire or shock risk. The recall is in effect for approximately 280,000 units sold in the U.S.
There are two new NPI business owners this month. Kent Nicholson of Statesville, NC and Mike Summers of San Diego, CA are both new members of the NPI/GPI family. Congratulations guys.
California housing markets are making a big comeback. As a continuing trend across the country we are seeing big gains in housing construction and lower rates of foreclosure. In the second quarter of this year, foreclosures in California fell 48.5% from the year before.
The CPSC has issued a recall for rechargeable battery packs sold with Nikon D800 and D7000 digital SLR cameras. The battery packs can overheat and become a burn hazard to consumers. The recall is in effect for approximately 5,100 units sold in the U.S.