April 10, 2024 Housing Market News

Welcome to today’s roundup of real estate news, where we delve into the latest developments affecting the housing market across various regions and aspects. From legislative challenges in Minnesota’s zoning laws to global economic shifts due to rising interest rates, and predictions on housing affordability, our coverage spans a broad spectrum of topics that are crucial for homeowners, investors, and policy makers alike. Whether you’re curious about local housing authority scandals or expert forecasts on market trends, our articles provide insightful analysis to help you stay informed. Dive into today’s stories to understand how these dynamics could impact your real estate decisions.

“Missing middle” bill on the ropes and other Capitol housing news • Minnesota Reformer

A bill that aimed to end single-family zoning in Minnesota and promote housing developments has stalled in both legislative chambers. The bill’s provisions may still be incorporated into other legislation, including legalizing accessory dwelling units and allowing apartment complexes in mixed-use or commercial areas. However, cities strongly oppose the bill, arguing that local zoning authority is necessary for infrastructure planning. Despite bipartisan support, the bill’s future remains uncertain. In other housing news, Minneapolis Mayor Jacob Frey testified in favor of allocating $35 million to repair public housing, and a bill proposes directing $60 million per year to homelessness services. Read more on the Minnesota Reformer website.

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Housing is One Reason Not All Countries Feel Same Pinch of Higher Interest Rates

Central banks have raised interest rates to combat post-pandemic inflation, but the impact on economic activity varies across countries. Differences in housing and mortgage market characteristics play a role in how higher rates affect each country. Housing serves as an important channel for monetary policy transmission, and the effects of rate hikes depend on factors such as the share of fixed-rate mortgages, the size of mortgages relative to home values, and household debt levels. Housing market restrictions and overvalued home prices also influence the transmission of monetary policy. Understanding these housing channels is crucial for calibrating and adjusting monetary policy effectively. Read more on the IMF website.

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Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? – Forbes Advisor

As we enter peak home-buying season, the housing market shows signs of life. However, high mortgage rates, soaring home prices, and low housing stock continue to hinder homeownership for many. The National Association of Realtors has agreed to a $418 million settlement that will bring changes to broker commissions, disrupting the buying and selling model. Despite ongoing affordability challenges, experts forecast an increase in home sales transactions compared to last year, with a slower rise in home prices. However, conditions such as increased housing supply and cooling mortgage rates are necessary for a housing recovery. Read more on the Forbes Advisor website.

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Dave Ramsey predicts what’s in store for the housing market again after saying he got it right 2 years ago

After confidently predicting no housing crash in July 2022, Dave Ramsey takes a victory lap as relatively steady home prices seem to vindicate his analysis. Despite concerns about higher interest rates impacting home sales and prices, Ramsey expected prices to remain steady or rise based on supply-demand dynamics. Recent data from the National Association of Realtors supports this theory, showing a 5.7% increase in home prices over the past year. However, Ramsey believes the housing crisis will continue due to factors like the gap between households formed and housing units constructed. He advises buyers to focus on prices rather than interest rates. Read more on Yahoo Finance.

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4 people connected to the Fitzgerald Housing Authority arrested, indicted

Four individuals connected to the Fitzgerald Housing Authority have been arrested and charged with obstruction following a grand jury indictment. The charges stem from incidents where video footage was not released to local police without a search warrant. The Fitzgerald Police Department had requested the footage to investigate crimes in the area. The housing authority initially denied access to the footage, resulting in the need for search warrants. The individuals involved have since bonded out of jail. Read more on WALB.

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Is The Housing Market Going To Crash? | Bankrate

The housing market continues to see steady price increases despite higher mortgage rates, leading to questions about a potential crash. However, experts believe that while prices may fall, a significant crash like the one experienced during the Great Recession is unlikely. Factors such as strong homeowner balance sheets, cautious construction pace, and limited housing supply contribute to the market’s stability. Home prices have risen faster than incomes, creating affordability challenges for first-time buyers. While the market is cooling, it is not expected to result in a major downturn. Read more on Bankrate.

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