From 2012 to 2013, 36 million people who are one year and older moved, but why?
School. Work. Friends. Family. All of these are valid options, but the U.S. Census Bureau released a report putting real numbers and reasons behind the question.
The number one reason cited: housing.
Family, which made up 30.3%, employment, 19.4%, and other, 2.3%, closely followed behind housing, which made up 48%.
“We asked people to select the reason that contributed most to their decision to move. Picking one reason can be difficult as moves are often motivated by many different, and oftentimes competing, factors,” said the report’s author, David Ihrke, a demographer in the Census Bureau’s Journey to Work and Migration Statistics Branch. Read More.
The Senate Committee on Banking, Housing, and Urban Affairs passed to the floor the Housing Finance Reform and Taxpayer Protection Act, commonly known as Johnson-Crapo, by a 13-9 vote last week.
Johnson-Crapo, supporters say, would reform the U.S. housing finance system by winding down Fannie Mae and Freddie Mac and replacing them with a new system in which private capital would be in a first-loss position prior to a catastrophic government guarantee being made available.
As described by the Structured Finance Industry Group, this system would be regulated by the newly created Federal Mortgage Insurance Corporation and backstopped by the Mortgage Insurance Fund. Read More.
More than 900 communities that were at risk for losing access to federal rural housing programs are now protected through 2020. For the last three years, NAR has worked with Congress extend the eligibility of communities under a 40-year old definition of rural. The United States Department of Agriculture (USDA) had been required to revise the list of communities eligible for rural housing loans based on the 2010 census data – and apply them to the 1974 definition. But last week the President signed H.R. 2642, the Agricultural Act of 2014 (aka the Farm Bill), that will protect these communities through the release of the 2020 census. Read More.
Starts fell 9.8% to a seasonally adjusted annual pace of 999,000 in December following a surge in November to the highest level of the year — 1.1 million. December’s rate was the year’s third highest.
The government estimated 923,400 homes and apartments were started last year. That’s more than 18% above the 2012 figure of 780,600.
In 2007, housing starts totaled nearly 1.4 million. Read More.
For housing, it was a tale of two halves in 2013. During the first half, unusually low supplies of homes and low rates spurred bidding wars, pushing prices up sharply. During the second half, the frenzy cooled amid a sudden spike in interest rates. While more markets are now reporting increases in inventory, the number of homes for sale remains quite low. Read More.
Since the housing crisis began in 2008, approximately 4.6 million homes were lost to foreclosure, according to CoreLogic. The vast majority of those homeowners became renters. Even as housing recovered, credit tightened, pushing even more potential buyers out of homeownership and into rentals, both apartments and single-family rental homes.
There are now 43 million renter households, or 35 percent of all U.S. households, the highest rate in over a decade for all age groups, according to Harvard’s Joint Center for Housing Studies; 4 million more renters today than there were in 2007. For those aged 25 to 54, rental rates are the highest since the center began record keeping in the early 1970s. Read More.
At last month’s annual mortgage-industry trade show, most political and industry analysts agreed that there aren’t great odds that Congress will pass a bill addressing the future of Fannie Mae and Freddie Mac before 2014, let alone 2016.
But several developments unfolding right now could make the next five or six months among the more consequential periods for housing-finance policy since the companies were taken over by the government five years ago. Here are three reasons why. Read More.
The following is a statement by National Association of Realtors® President Gary Thomas:
“The bipartisan ‘Homeowner Flood Insurance Affordability Act’ introduced today in the Senate by Sens. Robert Mendendez, D-N.J.; Johnny Isakson, R-Ga.; and Mary Landrieu, D-La., and in the House by Reps. Michael Grimm, R-N.Y., and Maxine Waters, D-Calif., will help millions of homeowners who are facing sudden and extreme increases in flood insurance premiums, which are an unintended consequence of legislation to reform the National Flood Insurance Program.” Read More.
Locally, Kentucky media is already picking up the issue and reporting on the effects the increases are having on the housing market:
Cost of flood insurance concerns Realtor group (Owensboro)
Flood waters bring rising rates for homeowners (Louisville)
Flood insurance rate spikes impacting Louisville home sales (Louisville)
Housing inventory is stiflingly tight in many locations, making it a challenge to find, much less land, your dream home.
The number of available houses in the hottest markets has dropped dramatically over the past year, says the National Association of Realtors: In the Boston area, for one, inventory levels are down 29% vs. 2012. And Denver, Seattle, and San Francisco aren’t far behind.
“Some homes are flying off the market in a matter of days,” says Paul Bishop, VP of research for NAR.
Shopping in a popular spot? You’ll have to go beyond the usual sellers’ market tactics, such as getting prequalified for a mortgage. These strategies will help you find homes first, stopping a bidding war before it starts. Read More.
A federal appeals court examined whether an ad for a rental unit claiming that the unit was a “great bachelor pad” violated the federal Fair Housing Act (“FHA”).
In 2009, Rachel Underwood, a listing representative for the property management firm The Connor Group (“Property Manager”), placed an advertisement (“Ad”) for a unit on Craigslist that stated, in relevant part: “Great Bachelor Pad! Our one bedroom apartments are a great bachelor pad for any single man looking to hook up…” Read More.