Small Homes Are In, but Big Homes not Gone

McMansions have fallen out of favor, according to a new study by the American Institute of Architects.

The survey of 500 architects showed that only 4 percent thought their clients wanted more space in their new homes, compared to 16 percent in 2008.

Home builders have already taken that information to heart with 59 percent of builders surveyed in May by the National Association of Home Builders saying they plan to build smaller homes in the coming year.

But don’t dismiss big houses. The builder association predicts that homes will stabilize at 2,500 square feet over the next five years, the average size of home in 2007 at the height of the housing boom.

Source: the Wall Street Journal, June Fletcher (06/29/2009)

JPMorgan Chase Freezes Foreclosures!!!

“In what may the biggest sign yet that banks are getting serious about attacking the nationwide wave of home foreclosures, giant JPMorgan Chase (JPM) announced on Oct. 31 that it is sharply ramping up its efforts to restructure the loans in its massive mortgage portfolio. For the next 90 days, JPMorgan will not place any new homes into foreclosure. “

See this BusinessWeek article  HERE