Filling funding gaps: how state agencies are moving to meet a growing threat to affordable housing (NCSHA report) - summary
The state of the housing market is currently jeopardized, with rising construction and labor costs sharply increasing development costs across the board. Read the key takeaways on the role of HFAs in filling unexpected funding gaps from the Washington Report by the National Council for State Housing Agencies.
Builders Patch • October 18, 2022
The Housing Market Is Worse Than You Think
Mortgage rates recently broke 7 percent, the highest since 2002, and more than double what most borrowers paid near the start of the pandemic. Between soaring prices and rising rates, the typical home buyer in October paid 77 percent more on their loan, per month, than they would have last year, according to Realtor.com. Buyers, sellers and renters are in for more twists and turns, as soaring mortgage rates and stubborn inflation signal belt tightening ahead.
The New York Times • November 4, 2022
How do you make housing affordable? An expert explains
Jonathan T.M. Reckford, Chief Executive Officer of Habitat for Humanity International, explains what is needed to build more affordable housing in the current economic climate. Among other measures, he recommends investing in housing at the low and moderate ends of the market, which should actually help bring down inflation.
World Economic Forum• November 8, 2022
Share of Black first-time homebuyers falls to 3%
The National Association of Realtors (NAR) released a report on Friday that found 88% of all first-time homebuyers in the U.S. are white, while 8% are Hispanic, 3% are Black and 2% are Asian. The share of Black and Asian first-time buyers is down from 6% in 2021, while the share of white first-time buyers is up from 82%, and Hispanic homebuyers are up from 7%.
Housing Wire • November 4, 2022