article thumbnail

DataDigest: What the latest data says about home prices, construction and sales

Housing Wire

Home construction New home construction ramped up early in the pandemic but moderated as interest rates ticked up and mortgage rates followed. The seasonally adjusted annual rates of homes permitted, started, under construction and completed all remain well above pre-pandemic levels but below the peaks reached in the last three years.

article thumbnail

Biden’s economic adviser addresses administration’s housing priorities

Housing Wire

And housing construction never fully recovered after that.” Combined with the millennial generation aging into the housing market and causing an unsustainable surge in demand, “construction over that decade skewed to higher value units rather than the starter homes needed for first-time homebuyers and workforce housing,” she said.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Mortgage rates continue falling before Thanksgiving: Freddie Mac

Housing Wire

New construction starts and permits showed surprising strength in October while existing-home sales slumped to their worst reading since 2010. Except for the last seven weeks, current mortgage rates hit their highest levels since 2000.

Mortgage 431
article thumbnail

HUD Secretary Marcia Fudge announces resignation

Housing Wire

And there are more housing units under construction right now than at any time in the last 50 years. Federal Housing Finance Agency (FHFA) Director Sandra Thompson also lauded Fudge’s tenure as HUD secretary. . “Thanks to Secretary Fudge, we’ve helped first-time homebuyers, and we are working to cut the cost of renting.

Law 451
article thumbnail

Streamlining subsidies to build more affordable housing

Housing Wire

Unfortunately, the rising cost of construction forces developers to find more funding sources to complete these projects. To build market-rate housing, project financing is relatively straightforward, typically requiring a mix of private equity and debt. LITHC projects built between 2000-2018 needed to layer an average of 3.5

article thumbnail

Manufactured housing is key to affordable homeownership

Housing Wire

We also hope that broad initiatives in the plan, such as down payment assistance, rehab and retrofit of existing homes, and the Federal Financing Bank will be focused on this market segment. First is financing. More than 22 million people have chosen manufactured housing because of its affordability and value. Presented by: Citi.

article thumbnail

White House announces new housing initiatives to boost homeownership

Housing Wire

homebuyers to “obtain access to affordable mortgage credit when seeking to purchase properties with ADUs, add ADUs to existing structures, or construct new homes with ADUs,” with such flexibilities designed to allow first-time homebuyers, seniors and inter-generational families to establish generational wealth, the announcement said.

Design 450