Cora’s Post

The Federal Housing Administration (FHA) has released new appraisal requirements for Fannie Mae's MH AdvantageTM and Freddie Mac's CHOICEHome® certified manufactured homes. These updates, announced by Federal Housing Commissioner Julia Gordon at a conference in Chicago, align FHA appraisal standards with industry norms. They aim to enhance home valuation for FHA-insured mortgages, supporting the Biden-Harris Administration's Housing Supply Action Plan to boost affordable housing availability. The changes enable FHA to work closely with industry partners and promote affordable and energy-efficient manufactured homes. Appraisers must now use suitable site-built-home sales data if fewer than two comparable sales of certified manufactured homes are available, streamlining the process. Manufactured homes certified under Fannie Mae and Freddie Mac programs, known as CrossMods, closely resemble site-built homes and address regulatory barriers in some areas. #realestate #appraisal https://lnkd.in/g5_KpS3U

🔍 According to a recent survey, 80% of U.S. counties are facing severe home affordability challenges. With home ownership expenses requiring an annual income of $90,598 on average, it's no wonder that most markets are now deemed unaffordable. 🏡 As the cost of homeownership rises, more are turning to multifamily options. The multifamily industry is set to experience strong demand in most markets for the foreseeable future. #HousingMarket #RealEstateTrends #MultifamilyDemand

90% of homes in metropolitan areas are overvalued by around 11.1% on average. This is what happens when a severe dearth in supply (driven largely by gentrification and private equity firms buying up single-family housing) meets a desperate need for housing. The people who can afford it will pay whatever they have to, while the vast majority's dreams of home ownership become more and more distant. #HousingCrisis #Housing #AffordableHousing

The New York Times article highlights why middle housing is a crucial solution for a healthy housing market. With so many homeowners holding tight to their low interest mortgages, the low inventory of homes for purchase caused by decades of underbuilding has grown even more serious. Transitions from starter homeowner to ‘move-up’ buyer have stalled, further reducing the supply of the smaller, more affordable homes (such as duplexes, condos and townhouses) that first-time buyers and downsizers need. Building more middle home types, and innovating lower cost housing solutions, in every neighborhood is essential to boost supply and bring costs down. Read more: https://lnkd.in/dSqSV_4J #ADUs #MiddleHousing #BuildTheMiddle

An analysis from ATTOM revealed that home prices are increasingly out of reach for many. In the 578 counties studied, only four showed home prices that were more affordable than they used to be! 🏠💸 Increasing prices and escalating interest rates are contributing factors. 📈 Ultimately, as single-family housing becomes less attainable, demand for multifamily housing is expected to increase. #multifamily #datadriven

An analysis from ATTOM revealed that home prices are increasingly out of reach for many. In the 578 counties studied, only four showed home prices that were more affordable than they used to be! 🏠💸 Increasing prices and escalating interest rates are contributing factors. 📈 Ultimately, as single-family housing becomes less attainable, demand for multifamily housing is expected to increase. #multifamily #datadriven

🏡✨ Exciting Developments in Real Estate! 🌟 President Joe Biden's recent address highlighted crucial steps towards enhancing homeownership opportunities and reducing rental costs. Let's delve into the key initiatives proposed: - **Boosting the housing supply:** Building over two million homes, expanding tax credits, and creating innovative models to increase affordable housing production. - **Creating homeownership opportunities:** Reducing mortgage insurance premiums, offering down payment assistance, and supporting first-generation homebuyers. - **Assisting renters:** Expanding rental assistance and cracking down on unfair rental practices. The proposed measures aim to address housing shortages, boost affordability, and provide vital support to both homeowners and renters. While received with mixed reviews from housing associations, these initiatives mark a significant step towards a more inclusive and sustainable housing market. Let's stay informed and engaged as these developments unfold! 🌿💼 #RealEstate #HousingMarket #Homeownership #AffordableHousing #RentalAssistance #BidenAdministration

How big a priority is building more homes for Britons? Ipsos UK have asked the question and 'build more homes' squeaks into the top 10 list of priorities for a new Government with 17% of respondents citing this. Tackling the cost of living is much higher at no.2 with 44% of respondents. Housing costs (mortgage repayments and rent) will be a key part of this. There is no segmentation by age/lifestage or current tenure but I imagine there is a skew with younger people are more concerned over cost of living and the need to build more homes. This creates a messaging challenge linking the need to build more homes to easing the cost of living. To have an impact on pricing you need to build much more volume selling the need to development to a wider group in society. In addition, pushing prices for private housing is a strategy to support viability to fund the delivery of infrastructure and all other aspects of planning gain. The reality is we need to improve viability of development for a broader range of tenures and price points to truly start impacting housing costs. No easy answers here for any Government. Not obvious to the typical voter but I also think we need more devolution and sub-regional collaboration over inward investment and funding across southern England where housing costs are greatest. #ukhousing #homebuilding #mortgages

Housing affordability is at its worst level in decades, and it's more challenging than ever for first-home buyers to save a deposit get their feet on the property ladder. In her latest Insights article, PropTrack Senior Data Analyst Karen Dellow looks at how long it takes a first home buyer to save a 20% deposit in each state. "In New South Wales, it would take an average household nearly seven years to save a 20% deposit for a median-priced home. Ten years ago, it was five and a half years. Victoria and Tasmania have the second highest time to save a deposit, at just over six years." Read more: https://lnkd.in/g_xz8_FR

The Chancellor’s Autumn statement was really and truly underwhelming for the housing sector. There were however, a few key announcements when it came to housing: 📢 Local Housing Allowance rate to rise 📢 New permitted development rights (to be implemented in 2024) 📢 Mortgage guarantee scheme to be extended by 18 months to June 2025 There were a few additional announcements which include introducing premium planning services across England with guaranteed accelerated decision dates for major applications and fee refunds wherever these are not met. As well as investing an additional £32m across housing and planning to unlock thousands of homes across the country, they will also be extending the existing Affordable Homes Guarantee Scheme by £3bn to help it deliver 20,000 new homes, in addition to improving the quality and efficiency of thousands more. In summary, the Autumn Statement drew a range of reactions within the housing sector. Many expressing disappointment in the absence of concrete measures to support homebuyers, especially first-time buyers facing increased mortgage rates and squeezed budgets. Industry voices have highlighted missed opportunities for initiatives that could have invigorated a stagnant market, such as adjusted stamp duty thresholds or extended support schemes for buyers. Some acknowledged positive steps, like increased Local Housing Allowance, but also voiced concerns about the lack of direct support for private landlords and the rental market. There's a collective call for a comprehensive, balanced approach that addresses immediate needs while laying out a sustainable, long-term vision for the housing landscape. The hope is for policymakers to consider measures that ensure stability, affordability, and accessibility for all involved in the housing market. #Lettings #Sales #Propertymanagement #SWLondon