There are two new members of the NPI team this month. Jim McTague is the new owner of an NPI franchise in Fruitland, FL. Andy Hasler of Camarillo, CA has expanded his business and hired Mitch Lampert. Congratulations to Jim, Andy and Mitch on their recent success.
Freddie Mac’s Primary Mortgage Market Survey shows that almost every category of mortgage interest rates has hit an all time low. These rates would indicate even further growth in the U.S. housing market. All categories except for the 5-year ARM were at historic lows in September.
The CPSC and BatteriesPlus have expanded a recall for Rayovac NI-CD and Rayovac NI-MH Cordless Tool Battery Packs. The battery packs are faulty and can explode becoming an injury risk to consumers. The recall is in effect for approximately 65,000 units sold.
According to the S&P/Case-Shiller national home price index, average home prices hit the same levels as 2003. 2003 was the beginning of historic growth for the U.S. housing market, which resulted in the all time highs of 2006, and we could see those levels again with sustained growth. In a 20 city composite there was a 1.6% index rise in home prices for the month of July. This is the third month in a row with growth in all 20 major housing markets.
The National Association of Home Builders is reporting an increase in builder confidence for the month of September. According to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), builders are the most optimistic about the outlook for newly built, single-family homes since June of 2006. The HMI asks builders their outlook on the home sales, sales expectations and traffic of buyers for the next six months. This is the fifth month in a row that the HMI has seen gains.
Congratulations to Jeff Spencer of Freeport, TX on his 10th year with National Property Inspections. Thanks for a great 10 years Jeff!
The CPSC and Legrand Wiremold have issued a recall for Legrand Under Cabinet Power and Lighting four outlet power strips. The wiring of the power strips are faulty and can become a shock hazard. The recall is in effect for approximately 14,000 units sold.
The National Association of Realtors (NAR) is reporting existing home sales and national median price on a year to year basis increased in August. Existing home sales for single-family homes, townhomes, condominiums and co-ops grew by 7.8% from July to August. This is also 9.3% higher than the same period a year before. The national median existing home price is up 9.5% from the year before at $187,000. This was the strongest increase since January 2006
According to HUD and the U.S. Census Bureau, housing production increased by 2.3% in August. This would bring new construction to a seasonally adjusted rate of 750,000 units. The strongest category was single-family homes, which saw a 5.5% gain. This would bring single-family homes to its fastest production rates in the last two years with an seasonally adjusted annual rate of 535,000 units.
NPI and GPI are celebrating several 5 year anniversaries this month: Jeffrey Gould of Wisconsin Rapids, WI; Cameron Ralston of Grand Prairie, AL; Johnny Carrillo of Rancho Cucamonga, CA; Mansour Nasiri of Calgary, AB; and Adam Snow of St. Johns, NL. Congratulations guys on a great 5 years and many more to come.