Government

“When remote work is coupled with the reported rise in the importance of affordability, it's not surprising that respondents expressed a greater willingness to live farther from their current location,” noted a Fannie Mae report. “Of course, renters indicated the greatest affordability concerns, as well as a willingness to consider areas farther away from their current location.”

“When factoring in the median value of a finished lot, the cost of manufactured housing relative to site-built falls to 54% for single-section homes, 70% for double-section, and 80% for CrossMods. As such, we suggest that manufactured housing may be most attractive in markets with lower land costs, but still offers savings regardless of land cost,” said Chadwick Reed of the Joint Center for Housing Studies at Harvard University.

The MBA reports a 4.2% week-over-week slide in overall mortgage application volume, with apps for home purchase mortgages falling to levels last reported in April of 1995, as rates shot up to the 7.30% range.

While the “if” and “when” of a recession remain uncertain, the Fannie Mae Economic and Strategic Research Group does forecast one to occur, expected to begin in the first half of 2024—despite increased chances of a “soft landing.”

A pair of new HUD reports suggest that federal relief prevented a rise in evictions and homelessness during the pandemic through a series of federal intervention actions.

“As our nation continues to grapple with crisis-level housing affordability and supply issues, it is vital that the federal government does not create conditions that exacerbate these challenges,” said Ranking Member Waters.

HUD announces changes to a rule that will expedite much-needed assistance in providing housing and supportive services to the growing homeless population in Los Angeles.

Rob Nunziata of ActiveComply discusses how the mortgage industry was impacted by the pandemic, the liabilities that a work-from-home staff bring, and how home lenders and servicers are managing this risk.

Not since spring of 2002 have fixed-rate mortgages been as high as they were reported this week, and when combined with mortgage app volume sliding for the fourth straight week, affordability headwinds continue to impact housing demand.

“U.S. housing starts in July were at a seasonally adjusted annual rate of 1.452 million, which is 3.9% above the downward revised June estimate of 1.398 million and is 5.9% above the July 2022 rate of 1.371 million,” First American Deputy Chief Economist Odeta Kushi said.