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Biden to call for first-time homebuyer tax credit, construction of 2 million homes

Housing Wire

In the address, the president will call for a $10,000 tax credit for both first-time homebuyers and people who sell their starter homes; the construction and renovation of more than 2 million additional homes; and cost reductions for renters. This would act as an equivalent to reducing the mortgage rate by more than 1.5%

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Mortgage market affordability and inventory challenges

Housing Wire

With a rapid spike in interest rates, inventory at historic lows, home prices rising at unprecedented levels above income, and a purchase market that is both highly anxious and digitally reliant, mortgage and real estate professionals must be strategic to capture the market opportunity today. Inventory rising, historically low.

Inventory 390
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MA lawmakers debate rent control as agents push for new construction

Housing Wire

As with the rest of the nation, the state of Massachusetts is looking for solutions to temper inventory shortages and high housing costs. Kathy Hochul has been pushing the state’s government to override local zoning laws and mandate more housing construction in the state’s suburban counties. Last month, Washington state Gov.

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With low inventory, house hunters are in full safari mode

Housing Wire

It boils down to two factors, according to housing-industry experts: a lack of housing inventory , or supply; and high demand for that limited housing stock — which also is fueling a jump in new-home sales. In other words, if there were more inventory, we would have more sales happening.” through the first quarter of 2024.”

Inventory 448
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How fix’n’flip loans could help expand housing inventory

Housing Wire

One issue is that among the low inventory, there are even fewer homes that are move-in ready, said Keith Lind, executive chairman and president of Acra Lending. “We We actually have a lower inventory of homes that people really want to live in turnkey,” Lind said.

Inventory 324
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Phoenix building restrictions squeeze construction firms and agents

Housing Wire

In certain parts of the Phoenix AMA that do not have a designated water provider, builders and developers need a certificate of AWS to obtain a building permit. Phoenix, said Vogel, was already dealing with low housing inventory and increasing affordability issues. million residents.

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Republican senator takes aim at Biden’s housing policies

Housing Wire

Department of Housing and Urban Development (HUD) exists to facilitate the needs that Americans have for housing — needs that are challenged by affordability, inventory, mortgage rates and more — recent policies of the Biden administration have hindered affordability by focusing on climate-related housing issues instead of costs.