Condo Reserve Rules and Rising Insurance Costs Lead To Foreclosure Crisis
SunSentinel, October 2023
Housing Costs Now Account For 90% of Inflation, Which Ticked Up In July
Biznow.com, August 2023, Dees Stribling
Housing costs once again represented the vast majority of the increase in the July consumer price index, accounting for 90% of the 3.2% year-over-year inflation rate in July.
Homelessness Grows At Record Pace Even as Oversupply Pagues High-End Multifamily Market
Biznow.com, August 2023, Matthew Rothstien
The homeless population in the U.S. has increased by 11% this year compared to 2022, according to a preliminary data analysis by The Wall Street Journal. Though the U.S. Department of Housing and Urban Development plans to release finalized data later this year, anything close to the WSJ's preliminary figure would represent a record since HUD began its current method of data collection in 2007.-residential conversions. The new initiatives dovetail with the administration’s Housing Supply Action Plan.
HUD Biden Administration Rolls Out Plan To Cut Zoning And Land Use Red Tape
Biznow.com, August 2023, Olivia Lueckemeyer
The program, announced Thursday, calls for reducing land use and zoning barriers, expanding financing for affordable housing and unlocking more opportunities for commercial-to-residential conversions. The new initiatives dovetail with the administration’s Housing Supply Action Plan.
Boosting affordable housing by reclaiming investor-owned properties
Route Fifty, Liz Farmer, June 2023
Welcome back to Route Fifty’s Public Finance Update! I’m Liz Farmer and this week, I’m taking stock of the affordable housing crisis and the role of private equity. At a time when affordable housing is already scarce, some are worried that the problem could be further exacerbated by private equity firms and other investors managing real estate portfolios for maximum profit.
HUD Introduces Office of Manufactures Programs as New, Independent Office Within Housing
June 2023, HUD Public Affairs
Today, the U.S Department of Housing and Urban Development's (HUD) Office of Housing is announcing that it has created a new Office of Manufactured Housing Programs as an independent office reporting directly to Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon.
Affordability Crisis: United States Needs 4.3 Million More Homes
Zillow.com, June 2023, Orphie Divounguy
The nation’s housing stock grew by roughly 6.3 million housing units from 2015 to 2021. The number of families living in the United States increased by 7.9 million and 7.1 million new households were formed during that period. When household formation outpaces growth in the housing stock, the number of available units falls, competitive pressure builds, pushing housing costs up.
Eviction filings are 50% higher than they were pre-pandemic in some cities rents rise
AP News, June 17, 2023, Michael Casey and R.J. Rico
After a lull during the pandemic, eviction filings by landlords have come roaring back, driven by rising rents and a long-running shortage of affordable housing. Most low-income tenants can no longer count on pandemic resources that had kept them housed, and many are finding it hard to recover because they haven’t found steady work or their wages haven’t kept pace with the rising cost of rent, food and other necessities.
The U.S. housing market is short 6.5 million homes
CNN.com, March 2023, Anna Bahney
The United States is not building enough homes to account for the number of people setting up their own households. As a result, there is a sizable shortage of new homes after more than a decade of under-building relative to population growth, according to a new analysis from Realtor.com released Wednesday.
Low-income Renters Spent Larger Share of income on Rent in 2021 (census.gov)
Census.gov, March 2, 2023, Peter J. Mateyka and Jayne Yoo
The pandemic began in the United States following a period of rising home prices and declining interest and vacancy rates.