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AP Stress Index confirms easing of recession
Source: Associated Press/AP OnlinePublication date: June 8, 2009
By MIKE SCHNEIDER and JEANNINE AVERSA

The recession's grip appears to be loosening as seasonal hiring picked up this spring. That's the conclusion of the Associated Press' monthly analysis of the economic pain in more than 3,100 U.S. counties.

The latest results of the AP's Economic Stress Index show the free fall that marked the autumn of 2008 and winter of 2009 gave way in April to a more controlled descent, possibly even a bottom. Still, the analysis found that pain remains high compared with year-ago levels. Read more.

Builders Fear Consequences of New Appraisal Law
Source: BIG BUILDER NewsPublication date: June 8, 2009
By Sarah Yaussi

It's been little over a month since the switch was flipped on the Home Valuation Code of Conduct (HVCC), and many builders are still unsure as to what the new rules mean for their business. However, many believe any regulatory change spells disruption.

The new code, a pet project of former HUD secretary Andrew Cuomo, was an attempt to secure the independence of real estate appraisers, who, say the code's supporters, have been under continual pressure from lenders, mortgage brokers, real estate agents, and even home builders to inflate values. Under the new code, lenders have set up firewalls between their loan departments and their either internal or third-party appraisal services if they wanted be able to sell the loans on the secondary market to either Fannie Mae or Freddie Mac. Read more.

A Housing Recovery: Not So Fast
Source: Business WeekPublication date: June 8, 2009
By David Bogoslaw

Stocks of homebuilders have had an impressive run recently, thanks to a stream of improving macroeconomic data, including home sales and consumer confidence, climbing an average of 38% since March 9. But will the recovery last? Recent gains in long-dated U.S. Treasury yields augur rising mortgage rates, while the likelihood of increasing foreclosures could further bloat the housing supply in the months ahead. Read more.

U.S. Lumber Production Falls 28% in 1Q09
Source: PROSALES Information ServicePublication date: June 5, 2009

Lumber production across the United States in the first quarter fell 28.3% from the year-earlier period to total 5.47 billion board feet, the Western Wood Products Association (WWPA) reported. Meanwhile, production in Canada slid 24.9% in the same period to total 4.64 billion board feet. Read more.

HUD revises rules for stimulus money
Source: Associated Press/AP OnlinePublication date: June 3, 2009
By KEVIN FREKING

Federal officials have lowered the threshold that the nation's public housing agencies must meet to get some of the stimulus money set aside for new roofing, plumbing and other renovations. Read more.