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“Real legislative [housing-finance]
reform is a big lift. It is a heavy lift.
So far, Congress hasn’t shown that
they are really able to do anything
like that yet.”
Chief economist, National Association of Realtors
Victor Whitman is chief reporter at Scotsman Guide Media.
Reach him at (425) 984-6017 or email@example.com.
The South was the only region of the country to post
a year-over-year decline in single-family home starts
this past September, according to the U.S. Census
Bureau. The drop was primarily due to a downturn in
building activity as a result of the disruptions caused
by hurricanes Harvey and Irma, which devastated
portions of Texas and the Florida Gulf Coast region
in late August and early September.
Senior vice president of mortgage-finance policy,
Independent Community Bankers of America
“Despite considerable demand all year,
pending [home] sales have lost a step
in recent months because low supply
is pushing prices higher and making
homebuying less affordable.”
erodes in 2017
Some 58 percent of the new and existing homes
sold this past third quarter were affordable to
families earning the national median income,
according to the National Association of Home
Builders (NAHB). Home affordability has been
declining, however. In third-quarter 2012, when
homes were most affordable, nearly 73 percent
of new and existing homes sold were deemed
within reach of those earning the median income.
NAHB’s index is based on sales prices, personal
income and changes in interest rates.
Source: U.S. Census Bureau
Source: National Association of Home Builders/ Wells Fargo Housing Opportunity Index
Change in Single-Family Housing Starts
Year Over Year as of September 2017
Percentage of Homes Affordable to Buyers
Earning the U.S. Median Income*
*Based on new- and existing-home sales as of the third quarter of each year