Housing Affordability
Buyers’ Outlook on Housing Availability and Affordability Declines
The increased activity in the housing market in the wake of COVID-19, combined with rising housing prices, has hampered prospective buyers’ outlook on the housing market and their ability to buy a home.
Have High Home Prices Reduced Buyer Interest in New Homes?
Most likely due to rising home prices, the share of prospective home buyers seeking to purchase a new home has declined significantly from the fourth quarter of 2020 to the second quarter of 2021.
Administration Unveils Plan to Cut Payments on Government-Backed Loans Up to 25%
The Biden administration has announced new loan modification options for borrowers who have government-backed home loans in order to help home owners who are still struggling to make their mortgage payments due to the COVID-19 pandemic.
Top Canadian Official Tells NAHB Canada Seeks New Lumber Trade Deal
Mary Ng, Canada’s top trade official, expressed a strong willingness and desire to engage in negotiations with the United States on a new softwood lumber trade agreement during a video conference meeting yesterday with NAHB CEO Jerry Howard and senior staff.
Led by OSB, Lumber Products Now Add Nearly $30K to the Price of a New Home, $92 to Rent
Changes in prices for softwood lumber products that occurred between April 17, 2020 and July 8, 2021 have added $29,833 to the price of an average new single-family home, and $9,990 to the market value of an average new multifamily home, according to NAHB’s latest estimates. The increase in multifamily value, in turn, translates to households paying $92 a month more to rent a new apartment.
At NAHB’s Urging, White House Holds Supply Chain Summit
NAHB’s tireless efforts to engage the White House to convene a home building materials supply chain summit to seek out solutions to end production bottlenecks that have resulted in soaring material prices has borne fruit.
To Help Borrowers, FHFA Eliminates Adverse Market Refinance Fee
In a move to ease costs for borrowers who refinance, the Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries effective Aug. 1, 2021.
OSB Prices Have Skyrocketed More than 500% Since January 2020
Framing lumber prices garnered more attention than any other building material over the past year as prices quadrupled between April 2020 and May 2021. But even as lumber prices decline, the spotlight on lumber continues to crowd out the story of meteoric price increases of another wood product integral to the integrity of a building’s structure — oriented strand board (OSB).
Fed Chairman Expresses Hope Building Material Bottlenecks will be Alleviated
Federal Reserve Chairman Jerome Powell expressed hope that building material bottlenecks that have raised housing costs will begin to ease during a hearing today before the House Financial Services Committee on monetary policy and the state of the economy.
NAHB Urges Congress to Enact Policies to Help Builders Boost Housing Production
NAHB CEO Jerry Howard testified before Congress today and called on lawmakers to enact key policy proposals that will help home builders to expand the housing supply, reduce the housing deficit and improve housing affordability for all Americans. During a hearing before the House Ways and Means Subcommittee on Oversight on the topic of expanding housing access to all Americans, Howard noted that rising home prices, apartment rents and construction costs represent additional risks to housing affordability for prospective home buyers and renters.
