WARNING FROM HOME BUILDERS
Builders in the United States have told lawmakers in Washington, DC that “business conditions in the housing industry remain grim in the face of an ongoing credit crisis that has choked off the availability of acquisition, development and construction (AD&C) lending to begin or complete viable residential projects.”
Approximately 1,000 builders delivered the message in late April as part of the National Association of Home Builders (NAHB) annual Legislative Conference.
The U.S. housing sector has been hit hard by the credit crunch and builders recently surveyed by NAHB have reported continued deterioration in residential lending conditions.
“Our message to Congress was loud and clear,” said NAHB Chairman Bob Jones. “The lack of credit for AD&C financing must be resolved soon. Otherwise, it could end the budding housing recovery before it has time to take root.”
While in Washington for the April 18-23 NAHB board meeting, association leaders and a cross-section of builders were able to continue their ongoing series of meetings with top federal policymakers to alert them to the dire impact of credit scarcity and to discuss other key housing issues.
NAHB Senior Officers and key staff members, accompanied by leading executives from the single-family, multifamily and manufacturer/supplier sectors of the home building industry, updated all five Federal Reserve Board governors on the state of the nation’s housing.
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