“Higher interest rates and sharp downturns in homebuilding and existing home sales are driving our projections for sluggish remodeling activity next year. With ongoing uncertainty in financial markets and the threat of a recession, homeowners are increasingly likely to pare back or delay projects beyond necessary replacements and repairs.” --Carlos Martín, Project Director of the Remodeling Futures Program with the Joint Center for Housing Studies at Harvard University, Cambridge, Mass.

The Mortgage Bankers Association on Friday filed an amicus brief in litigation in response to a statement of interest filed by the Consumer Financial Protection Bureau and Department of Justice examining the liability standard that would apply to lenders for the acts of independent, third-party appraisers.