The White House is expanding low-cost financing, easing regulations and incentivizing local reforms in a wide-ranging effort to increase housing supply.The White House is announcing $100 million in grants to state and local governments to spur the construction of new housing, one of a host of new administrative actions to boost housing supply.The Biden administration has witnessed record levels of housing production, driven by a pandemi
High homebuying costs continue to push consumers toward rentals, fueling a multifamily boom. But how long will it last?A record number of new apartments—more than half a million—are expected to hit the market by the end of the year as high rental demand continues to fuel a multifamily construction boom, according to a new report(link is external) from RentCafe. This would mark the third consecutive year that apartment construction r
Borrowing costs have fallen to their lowest level in more than a year, but homebuying activity is only seeing small gains.Mortgage rates have fallen in recent weeks, but home buyers are showing restraint rather than rushing back into the housing market to snag a lower rate. ‘’The 30-year fixed-rate mortgage averaged 6.47% this week, Freddie Mac reports.Even as mortgage rates remain at their lowest level in more than a year, mortgage applicati
Americans who want to tap the rising equity of their homes without giving up their low mortgage rates are increasingly turning to home equity lines of credit.After almost 13 years of declines, balances on home equity lines of credit, known as HELOCs, have begun to rebound, gaining 20% since bottoming out at the end of 2021, according to the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit released Tuesday.Meanwhi
As retailers push into new cities and brands lean hard into brick-and-mortar as a strategy, it has become incredibly difficult to find space for a new storefront.Financing constraints due to elevated interest rates as well as zoning and infrastructure restrictions in some jurisdictions have limited construction of retail developments, limiting the amount of space on the market. Retail construction completions are at their lowe
The number of renter households in America grew 1.9% year over year in the second quarter of 2024 to a record 45.2 million, according to a new report from Redfin. The annual growth rate is more than three times faster than the number of homeowner households, which grew 0.6% to a record 86.3 million.The number of renter households grew at the second-fastest pace since 2021, while the number of homeowner households grew at the slowest p
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The Federal Reserve signals a possible rate cut could come in September. Could that cause rates to drop even lower?Home buyers and refinancers had the opportunity to lock in the lowest mortgage rates since early February this week, averaging 6.73%. Plus, the average mortgage rate is now lower than a year ago.The Federal Reserve also suggested this week that a possible cut to its key benchmark rate could take place this fall.That may prompt some p
The U.S. economy created fewer jobs than expected in July, showing further cooling in the labor market from last year’s overheated levels.Employers added 114,000 nonfarm payrolls last month, according to data from the Bureau of Labor Statistics on Friday. Economists’ consensus forecast had been for a gain of 175,000.The unemployment rate rose to 4.3%, above the consensus forecast for an unchanged 4.1%.The pace of job growth has decelerated fr
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