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

Housing Wire

The White House announced that President Joe Biden will call on lawmakers in the House of Representatives and the Senate to address a series of housing issues in his State of the Union address, which will be delivered to a joint session of Congress and televised nationally on Thursday night.

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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. However, housing affordability worsened.

Inventory 448
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To lure more teachers, CO school districts enter the housing market

Housing Wire

Affordability has been a chief topic of concern in the housing industry for the past several years, and the lack of affordable options in the state of Colorado is pushing that state’s school districts into action. Rents also remain challenging according to data the Post cites from Zillow.

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Biden to propose national rent hike cap of 5%

Housing Wire

The proposal will rescind unspecified tax breaks to landlords who raise rents by more than 5%, although it would only apply to landlords who own more than 50 rental units. Affordable housing advocates also support policies that lead to the construction of new housing. from then to now.

Landlords 476
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Biden unveils housing proposal that includes nationwide cap on rent increases

Housing Wire

Biden’s new plan would cap annual rent hikes at 5% for two years for landlords who manage 50 or more rental units, which the administration said would cover 20 million units, or roughly half of all rental units in the country. Exemptions would be provided to new construction and units with “substantial” renovation and rehabilitation.

Landlords 488
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Rent growth shows little fluctuation in January: Redfin

Housing Wire

As landlords grapple with higher vacancy rates, they don’t have the leverage necessary to command high rent prices. An abundance of new apartments recently hit the market, giving renters more options to choose from. Meanwhile, more apartments are under construction. The median U.S. year over year, according to a Redfin report.

Landlords 459
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Record apartment supply is good for mortgage rates 

Housing Wire

Tuesday’s housing starts data does show some promise on the front of attacking inflation and helping lowering mortgage rates, so let’s look at the report and find out what I am talking about. First, however, remember that the housing market is still in a recession, which I wrote about on June 16, 2022. percent (±13.3

Mortgage 521