Construction News

Year-over-year growth rate in new housing prices accelerated for the first time in 16 months in December, mainly on a strong housing market in the Prairie provinces.

Deltic Timber Corp. has been fined $13,500 for three safety violations at its sawmill near Waldo after a fire caused the death of one worker and injured two others. via Pine Bluff Commercial

“When I go to St. Peter I will not present this as some act that will entitle me to get in”

Billionaire investor Warren Buffett said Tuesday he has offered to help out troubled bond insurers by offering a second level of insurance on up to $800 billion in municipal bonds.

In an interview on CNBC, Buffett said his Berkshire Hathaway holding company made the offer of reinsurance to bond insurers Ambac Financial Group Inc., MBIA Inc. and Financial Guaranty Insurance Co. Buffett says one firm rejected his offer and he is still waiting to hear from the other two. He did not say which was which. Read more

LOS ANGELES (Reuters) - Two California couples sued home builder KB Home and its joint venture with Countrywide Financial Corp for purportedly falsifying property appraisals to prop up home prices after the state real estate market began to collapse in 2005.

The plaintiffs, Deborah and Lonnie Bolden and David and Dolores Contreras, said in a lawsuit filed on Wednesday that they were tricked into overpaying for their homes in early 2006 by appraisals that overstated their value.

The appraisals done by appraisers for Countrywide KB Home Loan, a joint venture of KB Home and Countrywide, inflated the homes' values by 10 percent to 15 percent, the lawsuit said. Read more

“In her mind she never intended to cause any harm”

FORT LAUDERDALE, Florida : An attorney has been charged with assault for allegedly shaking a federal prosecutor's hand so hard it injured her shoulder. via International Herald Tribune

“We've steadily expanded our margins through internal cost controls and by focusing on the right customers and product segments within our key businesses”

International Paper Co. said Thursday its profit fell sharply in the fourth quarter from a year ago when it had a big gain on the sale of forest land, but its adjusted profit beat analyst expectations. via Sympatico Finance

“Lending standards continue to be more restrictive than during the previous year, and buyers continued to approach the home buying decision cautiously.”

D.R. Horton Inc., the nation's largest homebuilder, said Thursday it swung to a loss in its fiscal first quarter, due to hefty charges to write off inventory and land values as the housing slump continues to worsen.

Losses for the quarter ended Dec. 31 totaled $128.8 million, or 41 cents per share, compared with profit of $109.7 million, or 35 cents per share, a year ago. The 2008 quarter includes $245.5 million in pretax charges to write down inventory and the value of land deposits.

Revenue plunged to $1.71 billion from $2.8 billion a year ago. The builder closed on 6,549 homes, down sharply from 10,202 in the 2007 period. Read more

Housing starts will fall by about seven per cent this year but will remain strong as 2008 should be the seventh straight year with starts above 200,000 units, Canada Mortgage and Housing Corp. predicted Monday.

“CDI will continue to assist the efforts of John Glasgow's family and friends in their search for him”

Brother: Search called off for missing executive Story date: Feb. 3, 2008 MORRILTON - ' Police have called off a five-day search for a missing executive from a major Little Rock contracting firm, the man's ... via The Courier

Forest products company Weyerhaeuser Co. said Friday it is considering options for its commercial construction sales business, including a possible sale. via Manufacturing.net

“The people had real close family ties, and most everybody who lived in Bates has stayed in touch over the years. It's home. Still home.”

BATES, Ore. - The ghost town of Bates will enjoy something of a rebirth as the remnants of its sawmill will be the site of Oregon's newest state park. via Statesman Journal

“Homebuyers currently in backlog will be contacted directly by Beazer Homes with further information and details.”

Beazer leaving area amid investigations Builder gives no exit date, but vows to finish homes it has begun Stella M. Hopkins

Beazer Homes USA, a home builder under federal investigation, said Friday it will stop building in the Charlotte market and close its national mortgage unit -- a business in which it says employees violated federal housing regulations.

The Atlanta company gave no timetable for the withdrawal. Beazer's statement also said it will stop building in Columbia, in Lexington, Ky., and in Cincinnati, Dayton and Columbus, Ohio. The company said it will complete homes under construction and continue providing warranty services. Read more

Tesoro Corp. recorded a net loss during the fourth quarter as rising crude prices and its loss of production in Hawaii continued to dampen profits. via Pacific Business News (Honolulu)

A forecast from Calgary Economic Development suggests the region will require an additional 244,000 skilled workers in the next 10 years.

“We already have an extremely efficient U.S. distribution model with advanced technology such as systems to map out highly streamlined driver routes”

Blue Sun's biodiesel is a low sulfur fuel comprising 20 percent virgin oilseed-based biodiesel - from renewable U.S.-grown crops - and 80 percent petroleum diesel. via The Boulder County Business Report

“It's a region where foreign capital has yet to really enter the cement industry.”

Updated: 2008-01-31 10:32 CRH Plc, the world's second biggest maker of building material, will pay 2.1 billion yuan for a stake in the cement unit of Jilin Yatai Co, tapping into China's construction boom. via China Daily

“Levels of new and existing home inventory remain elevated, buyer demand for new homes continues to be weak, and mortgage availability is still a problem for many prospective homebuyers.”

Home builder Pulte Homes Inc. on Wednesday said its fourth-quarter loss widened dramatically as the housing market worsened. via MLive.com

AGCO Corporation is one of the world's largest manufacturers and distributors of agricultural equipment, through a global distribution network of more than 3200 independent dealer/distributor locations in over ... via Automotive

An upgrade from Wall Street has given the shares of Caterpillar a minor boost this morning. via SchaeffersResearch.com Daily Market Blog