HomeLatest NewsFeatured HomebuildersHome Buyer ResourcesBinding ArbitrationResource LinksSubmit ComplaintsView ComplaintsTake Action 101!Report Mortgage FraudMortgage Fraud NewsForeclosure NewsConstruction DefectsHome DefectsPhoto GalleryFoundation ProblemsHomeowner Website LinksHOA Reform
Home Lemon Law
Home Lemon Law
Home Lemon Law - Archived News
Main Menu
Home
Latest News
Featured Homebuilders
Home Buyer Resources
Binding Arbitration
Resource Links
Submit Complaints
View Complaints
Take Action 101!
Report Mortgage Fraud
Mortgage Fraud News
Foreclosure News
Construction Defects
Home Defects
Photo Gallery
Foundation Problems
Homeowner Website Links
HOA Reform
Featured Topics
Builder Death Spiral
Report Mortgage Fraud
Foreclosure Special Report
Mold & New Home Guide
Special News Reports
Centex & Habitability
How Fast Can They Build Them?
TRCC Editorial
Texas TRCC Scandal
Texas Watch - Tell Lawmakers
TRCC Recommendations
Sandra Bullock
People's Lawyer
Prevent Nightmare Homes
Choice Homes
Smart Money
Weekly Update Message
HOBB Archives
About HOBB
Contact Us
Fair Use Notice
Legislative Work
Your House
Home Buyer Resources
New Home Buyers Guide
Message to Homebuilders
Home Warranties
Links
HUD's Broken System
Homeowners Websites
Defective Products
Success Stories
Monday Morning Mold
Foreclosure Info
Contracts & Arbitration
Home Warranty FAQ
Inspections
Developers Clear Cut
Home Lemon Law - Archived News
JD Powers Results
TRCC in the News
Home Owner Complaints
Builder Complaints
Home Builder Complaints
Complaints
Register Your Builder Complaint
New Home Complaints
Blackstone Vs. Pulte
Pulte Nightmare Home
Pultegeist Nightmare
PulteNightmareHome
Inspections What Inspections?
New Home Inspections
KB Home Class Action

 HOBB News Alerts
and Updates

Click Here to Subscribe

Support HOBB - Become a Sustaining Member
Who's Online
We have 1 guest online
ABC Special Report
Investigation: New Home Heartbreak
Trump - NAHB Homebuilders Shoddy Construction and Forced Arbitration
Arizona Home Lemon Law A Victory for Homebuilders
Friday, 07 November 2008

UPDATE: Builders 'Ecstatic' Over Arizona 'Lemon Law' Defeat
The initiative looked to force builders to offer 10-year warranties and use licensed contractors for repairs. Buyers would have had 100 days to cancel a contract, and they'd receive 95% of their deposit back. Companies grumbled the deposit would become meaningless and they'd be saddled with even more expensive, unsold inventory. Related article: Home Lemon Law

UPDATE: Builders 'Ecstatic' Over Arizona 'Lemon Law' Defeat
November 05, 2008
NEW YORK -(Dow Jones)- Arizona voters delivered some good news to builders Tuesday in rejecting Proposition 201, a so called buyers "lemon law" that could have left builders fighting - and funding - frivolous lawsuits and raising prices.

"It's good news for Arizona , not just home builders," said Spencer Kamps , vice president of legislative affairs for the Home Builders Association of Central Arizona, who said only 22% of voters supported the controversial measure. "At the end of the day, voters recognized 201 for the charlatan that it was."

Most of the big publicly traded builders, including Lennar Corp. (LEN), DR Horton Inc. (DHI), KB Home (KBH), Centex Corp. (CTX) and Toll Brothers Inc. ( TOL), operate in Arizona . Several industry watchers said this initiative would have driven some of the majors from the state and delayed recovery in one of the regions hit hardest by the housing bust.

" Arizona is a tough market for the home builders. It's going to take some time to recover," said Josh Levin , Citi's building analyst. "If this had passed, it would have been one more thing that they would have had to worry about."

The initiative looked to force builders to offer 10-year warranties and use licensed contractors for repairs. Buyers would have had 100 days to cancel a contract, and they'd receive 95% of their deposit back. Companies grumbled the deposit would become meaningless and they'd be saddled with even more expensive, unsold inventory.

It would have also meant that builders who are sued could not receive attorney fees and costs even if the builder wins. Opponents predicted an increase of frivolous lawsuits even from potential buyers, and a monetary windfall for attorneys. Levin said trial lawyers eager for a new revenue stream were big supporters.

Proposition 201, introduced and supported by unions and some community advocacy groups, was "created as a blackmail tactic from unions because we wouldn't help them unionize some of our subcontractors," Steven J. Hilton , Meritage Homes Corp.'s (MTH) chairman and chief executive, said during a recent earnings conference call.

The Arizona AFL-CIO previously denied that, saying it gets involved in community issues. It was not immediately available for comment Wednesday.

"Everybody's clearly ecstatic," said Kamps, whose organization failed to keep the measure off the ballot. "I think the business community in Arizona and the voters are happy with the results."

-By Dawn Wotapka , Dow Jones Newswires; 201-938-5248; This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

 http://money.cnn.com/news/newsfeeds/articles/djf500/200811051521DOWJONESDJONLINE000921_FORTUNE5.htm
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/al?rnd=MsA7vVfxWtWTrXv22V0WJw%3D%3D. You can use this link on the day this article is published and the following day.

 
< Prev   Next >

 Texas, First Home Lemon Law Debated in the Nation
Homebuyers Need a Home Lemon Law

Search HOBB.org

Reckless Endangerment
BY: GRETCHEN MORGENSON
and JOSHUA ROSNER

Outsized Ambition, Greed and
Corruption Led to
Economic Armageddon


Amazon
Barnes & Noble

 Feature
Rise and Fall of Predatory Lending and Housing

NY Times: Building Flawed American Dreams 
Read CATO Institute: 
HUD Scandals

Listen to NPR:
Reckless Endangerman
by
Gretchen Morgenson : How 'Reckless' Greed Contributed
to Financial Crisis - Fannie Mae

NPR Special Report
Part I Listen Now
Perry Home - No Warranty 
Part II Listen Now
Texas Favors Builders

Washington Post
The housing bubble, in four chapters
BusinessWeek Special Reports
Bonfire of the Builders
Homebuilders helped fuel the housing crisis
Housing: That Sinking Feeling

Consumer Affairs Builder Complaints

IS YOUR STATE NEXT?
As Goes Texas So Goes the Nation
Knowledge and Financial Responsibility are still Optional for Texas Home Builders

OUTSTANDING FOX4 REPORT
TRCC from Bad to Worse
Case of the Crooked House

TRCC AN ARRESTING EXPERIENCE
The Pat and Bob Egert Building & TRCC Experience 

Build it right the first time
An interview with Janet Ahmad

 Give Me Back My Rights Campaign
Model State Arbitration Legislation
Fair Homebuyer Contract Model

Bad Binding Arbitration Experience?
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
or call 1-210-402-6800

Discovery Home Channel
Holmes on Homes

NPR Bob Perry Money

Warranty?  What 25-Year-Warranty?
Warranty Scams that fool the public 25 years, 50, 100 or even a “Lifetime Warranty,” what’s the difference?

PROFITABLE DEFECTIVE PRODUCTS
 
Read More...

top of page

© 2019 HomeOwners for Better Building
Joomla! is Free Software released under the GNU/GPL License.