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Volume 2 - Number 24 | December 28, 2004
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TOP STORY: Residential Construction Expected To Surpass Non-Residential in 2005
By Stacey Corso
ollowing a stellar year, the residential construction industry expects much of the same in 2005. According to Ernst & Young LLP and the National Association of Home Builders, residential contractors are bullish on their prospects due to softening demand for office product and a spike in the need for multifamily and single-family home properties.
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INSIDER: Scott Ingraham of Rent.com
By Sule Aygoren Carranza
The acquisition of Rent.com by eBay a few weeks ago was big news in the housing industry as well as the online community. eBay—the behemoth online marketplace which until now played no role in the housing industry—will pay $30 million in cash and $385 million in eBay common stock, plus acquisition costs net of Rent.com’s cash on hand, for Rent.com. That hefty sum raised a few eyebrows, including some at Standard & Poor’s, where analysts say eBay paid 10 times Rent.com’s expected 2004 revenue of $40 million.
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Fannie Mae's Future: One Step At A Time
By Sule Aygoren Carranza
Several weeks ago, Fannie Mae’s Franklin D. Raines said he would hold himself accountable if the Securities and Exchange Commission determined that the company violated accounting rules. And last week, of course, the chairman and CEO announced he would retire early, in the wake of the SEC’s announcement that the company violated rules relating to its hedging of derivatives.
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Workforce Housing Takes Center Stage at NAHB Symposium
By Sule Aygoren Carranza
At a recent National Association of Home Builders symposium on workforce housing, HUD Secretary Alphonso Jackson cited recent HUD efforts, such as reducing paperwork for FHA programs and fighting exclusionary zoning practices, and the department’s new regulatory barriers clearinghouse, an Internet forum which allows state and local governments to exchange ideas. Jackson also cited proposed new solutions, such as creating “urban centers” in the nation’s downtowns.
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