Entries Tagged as Consumers
Housing is a key element in the nation’s economy
<<< Back: Policies should not create barriers to housing choice
Just as each home is important to the family that lives in it, housing is important to local, state and national economies and accounts for about 15 percent of the nation’s Gross Domestic Product.
Included in that total are new construction of single-family and multifamily homes, remodeling and the countless products and services that are related to those activities.
NAHB analysis of the broad impact of new construction shows that building 100 average single-family homes generates:
- 305 jobs
- $23.1 million in wage and business income
- $8.9 million in taxes and revenue for state, local and federal governments
Building 100 multifamily rental units has a similar impact on the nation’s economy. It generates:
- 116 jobs
- $8.7 million in wage and business income
- $3.4 million in taxes and revenue for state, local and federal governments
Like new construction, remodeling of both owner-occupied homes and rental properties contributes billions of dollars to the nation’s economy each year as property owners update and improve residential properties.
Every $10 million in remodeling expenditures yields the following economic benefits:
- 111 jobs
- $8.3 million in wage and business income
-
$3 million in taxes and revenue for state, local and federal governments
Next: New home construction and remodeling can generate millions of jobs >>>
Author: CRBRA Admin | On: October 04, 2011 | In: Government Affairs · Politics · Consumers | No Comments
Policies should not create barriers to housing choice
<<< Back: Rental housing is essential to a well-housed population
Consumers should be able to choose the type of housing that best meets their needs, whether that means purchasing a home or renting an apartment, condo or single-family home.
Policies and regulatory actions should not create arbitrary and unreasonable barriers that effectively prevent people from living in the type of housing they prefer.
"Rental housing serves a large and diverse population of nearly 39 million households ... Renters defy common perceptions that they are all young and have low incomes. Indeed, half of all renters are over age 40. Although
the median renter income is low, about 10 million renters are in the top half of the income distribution and 3.8 million are in the top quartile." —Joint Center for Housing Studies of Harvard University
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Author: CRBRA Admin | On: October 04, 2011 | In: Government Affairs · Politics · Consumers | No Comments
Rental housing is essential to a well-housed population
<<< Back: Homeownership contributes to household wealth
In addition to homeownership opportunities, an adequate stock of rental housing is essential to a well-housed population. Many people aspire to homeownership, but owning a home is not a universal goal. Some people prefer to rent, and others are unwilling or unable to take on the financial responsibility of owning a home.
According to “America’s Rental Housing: Meeting Challenges, Building on Opportunities,” by the Joint Center for Housing Studies of Harvard University, renting offers many benefits.
“First, moving to and from rental housing involves much lower transaction costs than homeownership. Although renters do incur moving costs and landlords typically demand the last month’s rent plus a security deposit, these outlays are smaller than the fees associated with buying and selling homes.
“Second, renting transfers primary responsibility for upkeep and maintenance to a landlord. And third, renting does not tie up funds in the form of a downpayment, nor does it expose households to the risk of loss of that investment. While renters do face the risk of rent inflation and the loss of their security deposits, rental housing provides a safe haven during times of falling home prices or job insecurity,” the report states.
During their lives, most people will both rent and own a home. Typically, young adults just forming their own individual households rent an apartment or house. As they become settled in a career and their family grows, they may opt for homeownership. Later in life, after their children have flown the nest, some people again find that renting best suits their needs, especially if they need to live close to shopping and community services.
About 34 percent of the nation’s 112 million occupied homes are rental properties in a broad range of housing styles, including garden apartments, high-rise apartments, condos, and singlefamily homes.
Next: Policies should not create barriers to housing choice >>>
Author: CRBRA Admin | On: October 04, 2011 | In: Government Affairs · Politics · Consumers | No Comments
Homeownership contributes to household wealth
<<< Back: National policy should support homeownership
For most home owning households, the home is a primary source of wealth and financial security. And even though many homes have lost value in recent years, the nation’s home owners have more than $6 trillion in home equity and they still believe in homeownership.
Home owners often tap the equity in their homes to pay for education, to cover health expenses and to help fund retirement. They also use the equity to help pay for improvements that increase the value of their homes and make them safer and more resource-efficient. Homeownership also can shield households from the risk of large increases in housing expenses.
Next: Rental housing is essential to a well-housed population >>>
Author: CRBRA Admin | On: October 04, 2011 | In: Government Affairs · Politics · Consumers | No Comments
Voters: National policy should support homeownership
<<< Back: Homeownership puts families in homes and Americans in jobs
Home owners and non-owners alike consider owning a home essential to the American Dream, and believe that it is reasonable and appropriate for the federal government to provide tax incentives to promote homeownership.
They also oppose eliminating the mortgage interest deduction and view saving for a downpayment and closing costs as the most significant barrier to homeownership.
Those are among the key findings of a survey of 2,000 people likely to vote in 2012. It was conducted on behalf of the National Association of Home Builders in May of 2011 by Public Opinion Strategies of Alexandria, Va., and Lake Research Partners of Washington, D.C.
The poll results showed that 73 percent of all respondents--both owners and renters--believe the federal government should provide tax incentives to promote homeownership. This support for housing runs strong among all party affiliations, with 71 percent of Republicans, 79 percent of Democrats, 68 percent of independents, and 68 percent who support the Tea Party agreeing with this statement.
Moreover, 71 percent of voters oppose proposals to eliminate the mortgage interest deduction. The majority also oppose limiting the mortgage interest deduction or eliminating the deductions for interest on home equity loans and mortgages on second homes.
The polling data also showed:
- 95 percent of the home owners said they are happy with their decision to own a home.
- 73 percent who don’t own a home said that owning a home is one of their goals.
- Homeownership and a retirement savings program are considered by voters to be their best investments.
- 80 percent of home owners would advise a close friend or family member just starting out to buy a home.
The NAHB survey findings are consistent with the results of other public opinion surveys. In a New York Times/CBS News poll conducted in June of 2011, 89 percent said that homeownership is an important part of the American dream. More than 90 percent indicated that it is important for the federal government to continue the mortgage interest deduction.
According to a Pew Research Center study conducted in March of 2011, 81 percent of adults agree that buying a home is the best long-term investment a person can make. Among the renters who were surveyed, 81 percent said they would like to buy a house.
In an Allstate/National Journal Heartland Monitor Poll conducted in March of 2011, the respondents also said that buying a home and investing in a retirement savings program are their best investments. Among those who own homes, 89 percent said that if they had the chance to make the decision again, they would still choose to buy a home.
"Americans still see homeownership as a core value and a key building block of being in the middle class and creating strong jobs in their communities. Owning a home isn't just a policy to people. It isn't just a commodity. It is a core value." — Celinda Lake, President, Lake Research Partners
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Author: CRBRA Admin | On: October 04, 2011 | In: Government Affairs · Politics · Consumers | No Comments
Homeownership works: It puts families in homes and Americans in jobs
Not only a cherished ideal for most families, homeownership promotes stability and is critical in creating wealth and providing upward mobility and financial security for individual households.
Homeownership is also essential to a strong and prosperous nation. New home construction spurs productivity, creates jobs for millions of Americans, and generates revenues for all levels of government.
For almost a century, national policy has acknowledged the importance of the home in American family life. But today, homeownership is under attack. Legislative and regulatory proposals now under consideration would greatly harm home owners, home buyers, the housing market, and the nation’s economy.
This series of posts was created by the National Association of Home Builders, and examines the contributions that homeownership, residential construction, remodeling, rental housing and other aspects of the housing industry make to the nation, its people and the economy. It also explores the potential impact of some of the proposals that lawmakers and regulators are now considering. By looking at the facts and answering the questions at the center of this complex debate, this examination of housing’s crucial role in American society demonstrates why housing must continue to be a national priority.
The home is central to American life.
It is where dreams thrive and the future takes shape. It is where families make lifelong memories, and children are nurtured so they can build a better tomorrow.
Owning the home that plays such an important role in their lives is a cherished ideal for most families. They know that homeownership promotes social stability and is critical in creating wealth and providing upward mobility and financial security for individual households.
Housing and homeownership are also critical to a strong and prosperous nation. New home construction spurs productivity, creates jobs for millions of Americans, and generates revenues for all levels of government.
For almost a century, national policy has acknowledged the importance of the home in American family life. Today, homeownership is under attack. Legislative and regulatory proposals now under consideration would greatly harm home owners, home buyers, the housing market and the nation’s economy.
There’s no question that the business practices and excesses that contributed to the housing market crisis must be corrected. Prudent underwriting and other safeguards are essential. But the proposals now under consideration would go far beyond simply fixing the problem.
They would reverse the housing policies that created a thriving middle class and contributed to a century of economic progress. They would change the rules for millions who have sacrificed to get where they are, and they would penalize families for the lending industry’s mistakes.
These proposals also would force millions of Americans to delay homeownership or even give up hope of ever owning a home. They also would threaten the system that ensures that affordable, high quality rental housing is available to meet the market’s needs.
Ultimately, millions of American families--and the nation’s economy--would suffer.
For that reason, it is important that policymakers be fully aware of the depth and breadth of housing’s many contributions to American society and know how voters feel about homeownership and housing policy.
This article examines the contributions that homeownership, residential construction and remodeling, rental housing and other aspects of the housing industry make to the nation, its people and the economy. It also explores the potential impact of some of the proposals that lawmakers and regulators are now considering.
By looking at the facts and answering the questions at the center of this complex debate, this examination of housing’s crucial role in American society demonstrates why all housing must continue to be a national priority.
As we seek to build a better future, we should begin with this central question: Where will our children live?
"The development of conditions under which every American family can obtain good housing is a major objective of national policy. … A high level of housing construction and vigorous community development are essential to the economic and social well being of our country. It is, therefore, properly a concern of this government to insure that opportunities are provided every American family to acquire a good home." -President Dwight D. Eisenhower, January 1954
Next: National policy should support homeownership >>>
Author: CRBRA Admin | On: October 04, 2011 | In: Government Affairs · Politics · Consumers | 1 Comment
Finding a reputable contractor in the wake of storm damage
In the wake of Hurricane Irene, many Capital Region communities are still assessing their losses and endeavoring to recover from the storm's extensive water and wind damage. At this challenging time, many area residents are likely seeking dependable professionals to repair or rebuild their storm-damaged homes. Capital Region Builders & Remodelers Association (CRBRA) strongly encourages local homeowners to follow the vital steps below in seeking a reputable building or remodeling professional who can best assist in returning your home to normal quickly!
Hire local.
Local builders and remodelers know the local building codes. The CRBRA website has a directory of member businesses who adhere to a strict code of ethics, so you can be assured of their professionalism, trustworthiness, and area of specialty. Search the CRBRA website for member contractors by name, specialty, or city.
Check credentials.
Make sure that the professional you hire has the proper licenses, training, and/or certification to perform the work required.
Verify insurance.
It's vital that the contractors you are considering carry the proper insurance. Be sure to verify that the business you are entrusting your home to carries sufficient worker's compensation and liability insurance.
For more information on hiring a contractor, view this checklist from NAHB. And be sure to explore the CRBRA website for other news, updates, and guidance.
Author: CRBRA Admin | On: September 12, 2011 | In: Consumers | No Comments
Contractor licensing no replacement for consumer education
An article in the August 11th edition of the Albany Times Union recaps the negative experience of a Charlton resident when trying to resolve an issue with a local paving contractor. As part of her profile, writer and consumer advocate Cathy Woodruff seems to favor legislation proposed in Albany County that would require contractors to be licensed by the local government.
Michael Roarke, CRBRA's immediate past president and founder of Roarke Custom Builders in East Greenbush, was on hand for the July 11th meeting of the Albany County Legislature, where Gary W. Domalewicz introduced Local Law No. "L", which would require home improvement businesses to be specially licensed to conduct business in Albany County. As reported by the Times Union on July 12th, this legislation has been through several rounds of review, and the intent is now to involve Roarke--representing the interests of Capital Region builders and remodelers--for suggestions on the proposed law.
Capital Region Builders & Remodelers Association feels that such legislation would further hinder local industry professionals, and would not provide the assurances that county legislators seek in protecting consumers. Roarke emphasizes that NYS already has a law in place to protect consumers, the Home Improvement Contracts Law, which advocates for the following basic requirements for construction contracts:
- Contract must have the name, address, and telephone number of the contractor;
- Contract must be legible and written in plain English;
- Contract must have a start and completion date;
- Contract must state whether time is of the essence;
- Contract must contain a description of work and materials;
- Contract must describe payment terms;
- Contract must notify homeowner that the contractor may lien the property;
- Contract must notify the homeowner that the contractor will escrow any unearned deposit in trust for the homeowner;
- Contract must include a three-day right to cancel;
- Contract must be signed by all parties;
- Contract must describe any other documents to be incorporated, stating that any changes be in writing and signed, and containing all the terms that have been agreed to, with a copy provided to the homeowner.
The proposed new licensing legislation includes requirements for contractors to prove a definite place of business, provide proof of insurance with minimum coverage requirements, and require the use of written contracts, much of which is already covered in the State legislation.
Roarke's stance--echoing the sentiments of CRBRA and the New York State Builders Association as opined in an August 18th letter to the editor from NYSBA Executive Vice President Lewis Dubuque--is that new legislation and licensing would add another layer of regulation to the already burdened building industry, without necessarily protecting consumers from the poor craftsmanship or unsavory business practices that give rise to the majority of consumer complaints.
The best guidance for homeowners seeking qualified contractors has been and will continue to be the same, and cannot be repeated enough: Look for the hallmarks of a good contractor by following through on these recommended steps, and be sure to choose a professional who:
- provides a professional, written contract;
- carries above-average insurance;
- has appropriate industry certifications;
- requires only a minimal deposit (e.g., 10%) to bind the contract (indicates creditworthiness);
- has tenured employees (indicates stability and an investment in cultivating a professional team);
- has a professional website; and
- is a member of CRBRA.
No amount of legislation can replace sound consumer education!
Author: CRBRA Admin | On: August 22, 2011 | In: Government Affairs · Consumers | No Comments
Pest control: Keep unwanted summer guests away
Summer is a great time to entertain visiting friends and family. There are some guests, however, that you shouldn’t
allow into your home, pests such as ants, roaches, rats and termites.
Pest infestations are more than a nuisance. It is important to protect your family from disease due to food contamination and allergens and your property from wood and foundation damage.
The cost for a home owner to treat an existing pest problem averages more than $1,000, which doesn’t include the cost to correct the damage that has already been done. Termites alone have been estimated to cause $5 billion worth of damage in the U.S. every year, according to the National Pest Management Association.
Here are some steps you can take now to help keep your home pest-free for years to come.
Inside Your Home
The U.S. Environmental Protection Agency (EPA) recommends a few things you can do inside your house to control future infestations:
- Starve them out. Keep a tight lid on the trash and empty it often. Clean up spills immediately and store food such as cereal, flour and sugar in plastic containers rather than in their original packaging.
- Dry them out. Some pests, such as cockroaches, can survive a long time without food, but need water more often to survive. To shut off their supply, be sure to fix leaky faucets, radiators, dishwashers, and washing machines immediately and empty flower pots and plant stands of excess water.
- Keep them out. Seal cracks and openings along baseboards, behind sinks, and around pipes and windows. Repair holes in door and window screens.
Outside Your Home
Pests enter your home from the outside, so you will also need to prepare the exterior of your house to keep pests out:
- Look for cracks and holes on the outside of your home and seal them up. Be sure to include points where utility lines enter the house. Also address damage to the basement foundation and windows.
- Check your landscaping. Rake mulch away from the base of your home and keep it to a minimum to allow for adequate drainage. Trim back tree branches and bushes so they do not make contact with the house. Remove tree stumps from your yard.
- Keep firewood piles stacked outside of your home neat, away from the house and off the ground.
- Make sure basements and attics are well ventilated and dry.
- Head up to the roof to look for any rotted or decaying shingles.
- When you’re looking at your roof, also check that your gutters are free of debris.
These simple steps now can save you a lot of headache and money down the road from these unwanted visitors. You can find more information about pest-free protection on EPA’s website at www.epa.org/pesticides.
Author: CRBRA Admin | On: July 18, 2011 | In: Education · Consumers | No Comments
Owning a home essential to the American Dream, survey shows
Despite the ups and downs of the housing market, home owners and non-owners alike consider owning a home essential to the American Dream.
That's the key finding of a recent survey of people likely to vote in 2012 that was conducted on behalf of the National Association of Home Builders (NAHB) by Public Opinion Strategies of Alexandria, Va., and Lake Research Partners of Washington, D.C.
"The survey results show that Americans see beyond the immediate housing market to the enduring value of homeownership," said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev. "An overwhelming 75% of the people who were polled said that owning a home is worth the risk of the fluctuations in the market, and 95% of the home owners said they are happy with their decision to own a home," Nielsen said.
"Homeownership is worth the risk, pure and simple," said Neil Newhouse, a partner and co-founder of Public Opinion Strategies. "Even though the market is weak, people who don't own say they want to buy a house. Almost three-quarters of those who do not currently own a home, 73%, said owning a home is one of their goals. And among younger voters who are most likely to be in the market for a home in the next few years, the percentages are even higher," Newhouse said.
One of the more striking aspects of the survey results is the intensity of sentiment among potential voters, according to Celinda Lake, president of Lake Research Partners. "People believe overwhelmingly that owning a home is an anchor to the American Dream," she said. "It's an anchor to your retirement, and it's an anchor to your personal economic well-being."
Among the other survey results:
- Homeownership and a retirement savings program are considered by voters to be their best investments.
- 80% of home owners would advise a close friend or family member just starting out to buy a home.
- Saving for a downpayment and closing costs is the biggest barrier to homeownership.
- Americans believe that owning their own home is as important as being successful at their job or being able to pay for a family member's education.
"Owning a home isn't just a policy to people," said Lake. "It isn't just a commodity to people. It is a core value."
This national survey of 2,000 likely 2012 voters was conducted May 3-9, 2011 by Public Opinion Strategies of Alexandria, Va., and Lake Research Partners of Washington, D.C. It has a margin of error of +2.19%.
Visit CRBRA's special website section on the benefits of home ownership to learn more.
Author: CRBRA Admin | On: July 18, 2011 | In: Consumers | No Comments
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