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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. Landlord concessions have also somewhat increased.

Inventory 448
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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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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 521
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Real estate investment leaders talk build-to-rent homes and affordability solutions

Housing Wire

He also mentions Pretium’s evolution from targeting single-family rentals to other assets, with a greater focus on technology and operational efficiency to better serve landlords and tenants. Burns follows up with a question on how Pretium’s construction lending platform sets them apart, as well as the company’s interest in land banking.

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All the ways the wildfires could make LA housing more expensive

Housing Wire

While those folks may not have the liquidity to buy another house while they decide on what to do with their destroyed home, there are scenarios where they add competition to a market thats already starved for inventory. And landlords are already smelling an opportunity to raise list prices, despite laws designed to prevent that.

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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.

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Ron Terwilliger on how to make more affordable housing

Housing Wire

Supply-side” solutions that focus on new construction and the preservation of the existing housing stock are equally important. Low housing inventory. We can also invest in and deploy new construction technologies, like 3D printing, which could save time and reduce costs.