Welcome to today’s coverage on the latest developments in the real estate sector. From groundbreaking government initiatives aimed at increasing housing production to insightful forecasts about the housing market’s future, our news today encompasses key updates that could influence your decisions in the real estate world. Whether you’re planning to buy a home, sell, or simply stay informed about the market trends, our comprehensive analysis and expert insights will guide you through the complexities of today’s housing landscape. Dive into our detailed articles to explore more!
New Residential Construction Press Release
Check out the latest press release on new residential construction from the U.S. Census Bureau. Stay updated on the current trends and statistics in the housing market. Discover valuable insights and data that can help you make informed decisions about buying or selling a home.
NAHB Commends Vice President Harris’s Focus on Boosting Housing Production | NAHB
The National Association of Home Builders (NAHB) applauds Vice President Kamala Harris for prioritizing housing and homeownership in her economic agenda. The plan emphasizes the construction of 3 million new housing units, which is crucial to address the nation’s housing affordability crisis.
The proposal includes a tax credit to support the construction of more entry-level housing and the expansion of the Low-Income Housing Tax Credit. While demand incentives like a $10,000 tax credit for first-time buyers and $25,000 downpayment assistance are positive, the plan should focus more on increasing the housing supply, as there is currently a shortage of approximately 1.5 million housing units.
However, the plan does not address the need to reduce burdensome federal regulations that contribute to the high cost of home construction. Additionally, concerns are raised about potential negative impacts on the single-family built-for-rent market due to efforts targeting institutional investors.
The NAHB’s 10-point plan to address housing affordability challenges focuses on removing obstacles that hinder builders from increasing housing supply, such as excessive regulations, supply chain issues, and building codes. Collaboration with lawmakers from both parties is essential to implement policies that promote housing production and provide opportunities for homeownership and rental housing.
Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? – Forbes Advisor
Discover the latest predictions for the housing market in 2024. While the market may be entering a transitional phase, there are signs of potential improvement. Mortgage rates are at their lowest levels in 15 months, and more resale inventory is entering the market, giving buyers more options.
Good news for home shoppers includes the decline in median prices for new homes, making them more affordable compared to resale homes. However, experts emphasize the need for mortgage rates to drop further to ease affordability challenges and incentivize homeowners to sell, increasing the housing supply.
The article highlights the importance of factors like inventory levels, mortgage rates, and buyer demand in achieving a balanced housing market. It also discusses the impact of new rules on broker compensation and buyer broker commissions set by the National Association of Realtors (NAR).
Despite an increase in inventory, the shortage of homes remains severe due to various factors, including homeowners locked in at low mortgage rates. Builder sentiment has been affected by high mortgage rates and inflation, leading to a slowdown in new construction.
The housing market shows signs of moving towards a buyer’s market, with pending home sales increasing and resale inventory reaching its highest level in over four years. However, challenges such as affordability and limited supply persist.
Experts offer tips for buyers and sellers in this competitive market, emphasizing the importance of being financially prepared and understanding personal circumstances. They also discuss the possibility of a housing market crash, foreclosure activity, and the long-term outlook for home prices.