article thumbnail

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%

article thumbnail

Inventory needs to increase to balance housing market: Fed Beige Book

Housing Wire

High inflation has reduced consumers’ purchasing power, which has led to weakened sales and construction across all 12 Federal Reserve districts. While home prices have started to inch down, more inventory is needed for a balanced housing market, the Federal Reserve Beige Book said. Landlord concessions have also somewhat increased.

Inventory 377
Insiders

Sign Up for our Newsletter

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

article thumbnail

Here’s how to fix the housing market inventory crisis

Housing Wire

housing market is in the midst of an inventory crisis. is hovering near record lows , caused by a pandemic-induced housing inventory death-spiral. To make homeownership a possibility for everyone, there needs to be a higher housing inventory of affordable homes. The number of homes for sale in the U.S.

Inventory 544
article thumbnail

Affordable housing vacancy drops, and rents are climbing

Housing Wire

During the second quarter 4,500 completed new builds came to market, increasing the affordable housing inventory by 0.4%. As for new construction, 2021 completions are projected to finish the year at over 40,000 units.”. In the second quarter, the national average asking rent increased.8% 8% to $986.

article thumbnail

WA governor signs series of bills to address housing issues

Housing Wire

Another allows for easier accessory dwelling unit (ADU) permitting and construction within the state. The governor also signed House Bill 1074 into law, which requires landlords in the state to show documentation of damages when they withhold part of a renter’s security deposit after the tenant moves out.

Landlords 287
article thumbnail

Record apartment supply is good for mortgage rates 

Housing Wire

Currently, new home sales have been trending better as the builders are taking advantage of low existing inventory. However, because of the COVID-19 delays, we are still working through a backlog of homes under construction. As you can see in the chart below, we have a historic number of 5-unit construction in the works.

Mortgage 491
article thumbnail

To lure more teachers, CO school districts enter the housing market

Housing Wire

Leaders in Colorado districts are entering the housing market in a variety of ways, including engaging in partnerships with developers, constructing tiny homes and even becoming landlords, according to a story published by the Denver Post. Rents also remain challenging according to data the Post cites from Zillow.