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Record Number of Renters Struggle With Affordability

Appraisal Buzz

This trend represents a sharp rise from 2001, when 41% of renters were cost-burdened. million since 2001. In 2023, 70% of renters earning between $30,000 and $44,999 were burdened, up 15 percentage points from 2001. percentage points since 2001. percentage point increase from pre-pandemic levels.

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Here’s why we won’t build millions of new homes

Housing Wire

When it comes down to it, the supply and demand model works and new home sales currently today are still below levels we saw during the tech recession in 2001. A lower Fed funds rate can assist with land purchases and apartment construction, but that process would take considerable time before we see any development.

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Employment gains could help housing inventory

Housing Wire

Sectors that were hit hardest by the pandemic led job growth last month, with jumps in leisure, hospitality, public and private education and construction – good signs for the housing industry. For housing, March gained 110,000 jobs in construction – a positive sign in an industry struggling with supply constraints. Labor Department.

Inventory 513
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Pending home sales fall 38% in November

Housing Wire

Falling home sales and construction have hurt broader economic activity.”. An index of 100 is equal to the level of contract activity in 2001. Year over year, the Pending Home Sales Index was down 37.8%, marking the 18 th consecutive month of annual declines.

Contracts 498
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Pending home sales surged in December: NAR

Housing Wire

For comparison, the index is benchmarked at a reading of 100 based on 2001 contract activity. The trade group also predicts that rent growth will ease due to sizable growth in apartment construction over the past three years. NAR’s Pending Home Sales Index (PHSI) increased to 77.3 in December, up from 71.6 in November. year over year.

Contracts 478
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Pending home sales fall to their lowest level in two decades

Housing Wire

Pending home sales in October fell to their lowest level since 2001. Meanwhile, new home sales posted a better performance as homebuyers pivoted to new construction amid waning existing home supply. As mortgage rates edged near multi-decade highs, pending home sales declined 1.5% down from 72.6 in September. New home sales fell 5.6%

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Home prices are still rising, but relief for buyers is coming

Housing Wire

growth is the largest annual growth reported since 1979, as supply and demand pressures endure and construction costs continue to rise, said Frank Nothaft, CoreLogic’s chief economist. An index of 100 is equal to the average level of contract activity during 2001, the first year examined. ” The 17.2%

Buyers 514