Housing Rebound Continues With August Numbers

Single-family construction moves upward 4.5% while pending home-sale index also rises 6.4%.

The giant cheering sound you hear is builders celebrating today’s economic releases.
Two economic indicators released Thursday—single-family construction spending and a pending home-sales index—both posted significant gains in August.
Produced by the National Association of Realtors (NAR), the pending home-sale index measures contracts signed. It grew 6.4% in August, which is the seventh monthly gain in a row. “No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month,” said Lawrence Yun, NAR’s chief economist.
Such activity is occurring just about everywhere, according to the NAR data. On a monthly basis, the index posted a 16% jump in the West, an 8.2% gain in the Northeast, and a 3.1% rise in the Midwest. The South recorded an 0.8% increase.
Government data from the U.S. Census Bureau also showed improvements in new-home construction. While overall construction spending for the nation remained flat in August, growing just 0.8% on a monthly basis to a seasonally adjusted level of $941.9 billion, single-family residential posted a 4.5% increase. That brings new single-family to a seasonally adjusted spending level of $106.7 billion.
On an annual basis, that figure stands 39.6% below the same month one year ago.
Boosted by the single-family performance, residential construction spending moved up 4.7% on a monthly basis to a seasonally adjusted pace of $249.5 billion. Multifamily did not fare so well, slipping 4.5% to $27.8 billion in monthly seasonally adjusted spending in August.
Alison Rice is senior editor, online, at BUILDER magazine.

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SU - Mike Holmes: Water is such a draining problem

SU - Mike Holmes: Water is such a draining problem

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White House may extend homebuyer tax credit

WASHINGTON - The White House is considering extending an $8,000 tax credit for first-time homebuyers.

Spokesman Robert Gibbs says the administration's economic team is evaluating the tax credit's impact on new home sales and will make a recommendation to the president.

The federal tax credit covers up to 10 percent of the home price, or up to $8,000, for first-time buyers. Home sales must be complete by the end of November.

The tax break is credited with helping the number of U.S. home sales rise slowly. Builders and real estate agents say that trend could be reversed if the credit isn't extended.

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Renovations That Give You a Return on Your Investment | Kitchens | This Old House - 1

Renovations That Give You a Return on Your Investment | Kitchens | This Old House - 1

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Federal Tax Credits up to $1500

The American Recovery and Reinvestment Act of 2009 signed on February 17, 2009, by President Obama has made significant changes to homeowner tax credits for specified energy-efficient home improvements including qualifying, residential water heaters. Some of the more significant changes include the extension of the tax credit through 2010 and the increase in the total available tax credit from 10% to 30%.

Homeowners who purchase and install a qualifying Rinnai tankless water heater between Jan. 1, 2009 and Dec. 31, 2010 will now be eligible for a tax credit equal to 30% of the full purchase and installation price up to a maximum of $1500.

Effective Dates

January 1, 2009 through December 31, 2010.

Water Heater Qualifications

Rinnai tankless water heaters with an energy factor (EF) of 0.82 or greater will qualify for the tax credit.

Endless Hot Water

Never take another cold shower again! Rinnai tankless water heaters heat water on demand, so you’re never limited to a fixed pre-heated supply as with a tank. You’ll enjoy hot water when you want it, for as long as you need it. Take a shower, wash dishes and do laundry all at the same time!

Energy Costs

With Rinnai tankless water heaters, you’ll enjoy up to 40% energy savings. That’s because our units are designed to be highly efficient and only heat water when it’s needed. When the demand for water ceases, the unit shuts down and uses no energy, a revolutionary advantage over inefficient tank-style heaters.

Performance and Longevity

With a Rinnai tankless water heater, you get the durability and reliability of a commercial-grade copper heat exchanger and an industry-leading 12-year limited warranty on the heat exchanger. Plus, Rinnai tankless water heaters have a typical life span of 20 years or more installed in residential applications, up to twice as long as a tank.

Clean, Fresh Water

When using a traditional tank-style water heater, rust and scale build-up can collect in the interior of the tank, where the hot water you use day-to-day for bathing and drinking is stored. With Rinnai tankless water heaters there is no tank to store water, so you’ll always experience fresh, clean hot water because our unit heats water on demand as it passes through the unit.

Space Savings and Flexible Installation Options

Reclaim precious space in your home. Traditional tank water heaters can take up to 16 square feet of valuable floor space. However, Rinnai tankless units-about the size of a carry-on suitcase- can be installed on virtually any wall inside or outside of your home.

More Capacity

Meeting increased hot water demands can be a challenge for traditional tank-style heaters, however, with Rinnai’s innovative technology you’ll never run out of hot water.

Our units can be used individually, in pairs or in banks of three or more for residential, commercial and multi-family applications.

Peace of Mind

With Rinnai tankless water heaters, there’s no tank to leak or break, thus reducing the risk of flooding. Plus, Rinnai offers a line of controllers that make it easy to set water temperatures precisely for multiple locations in your home to ensure comfort and prevent scalding accidents.