U.S. Secretary of the Treasury Janet Yellen will announce new efforts by the Treasury Department to increase the supply of affordable housing. Secretary Yellen visits Minneapolis today, where she will discuss new funding sources for housing production, according to a press release from the Treasury Department. “We face a very significant housing supply shortfall that…
By NATHAN KADISHA As a property owner/operator with years of experience in the real estate industry, I have witnessed firsthand the challenges faced by both landlords and tenants in navigating the complex landscape of housing affordability. In recent years, because of economic uncertainty, higher interest rates, and inflation pressure, the issue of affordable housing has…
President Biden used the State of the Union address Thursday to tackle the nation’s housing crisis and propose big plans to boost activity. “I know the cost of housing is so important to you. If inflation keeps coming down, mortgage rates will come down as well. But I’m not waiting,” he said in the address….
By ERIN FLYNN JAY The city of Philadelphia, like many other communities in the country, is caught in a balancing act. High rents and a lack of affordable housing are a problem, but at the same time, building reduces much-needed green spaces for residents. What are city leaders doing to tackle these issues? Vern Anastasio,…
First-time buyers are still living in last year’s housing market thanks to limited affordable inventory, leading to tight competition and soaring prices. A new report from Zillow found that typical home values for the least-expensive one-third of houses rose by 8% YOY, or $13,000. In comparison, mid-level homes saw a 3% YOY increase, and the…
Affordability improved in July, with the national median payment applied for by applicants falling to $1,844 from $1,893 in June, the Mortgage Bankers Association (MBA) reported. MBA’s Purchase Applications Payment Index (PAPI) fell for a second consecutive month, down 3.8% to a reading of 157.7. PAPI measures monthly payments across time and relative to income,…
Housing affordability fell across the country in May, with the monthly mortgage payment up 6.2% month-over-month and 51% year-over-year. The National Association of Realtor’s (NAR) Housing Affordability Index showed that in contrast to rapidly rising prices, the median family increase rose only 0.7% from April and 4.5% YOY. Housing affordability fell the most in the…
Builder confidence fell eight points in May, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The HMI registered a reading of 69 in May, a significant drop from April. This is the fifth consecutive month of decline and the lowest reading since June 2020. The low reading suggests that…
Fannie Mae has committed $5 million to its second annual Sustainable Communities Innovation Challenge (IC22), the GSE announced. The challenge seeks to “attract innovative ideas that will help advance racial equity in housing,” according to the press release. Fannie Mae will receive proposals from the public, private, and non-profit sectors, as well as from individuals…
Existing home sales fell for a second month in March, down 2.7% from February and 4.5% YOY, according to the National Association of Realtors (NAR). Existing home sales are now down to an annualized rate of 5.77 million. March sales dropped in three of the four major regions but stayed stable in the West. But…
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