Today, former Senate Majority Leader and Housing Commission Co-Chair George Mitchell provided a keynote address during the luncheon of the Illinois Governor’s Conference on Affordable Housing.
Throughout the week, the BPC Housing Commission highlights news items that address critical developments in housing policy. Any views expressed in the content posted on this forum do not necessarily represent the views of the Commission, its co-chairs or the Bipartisan Policy Center.
What We're Reading posts now include a compilation of useful links in the Housing Visualized section below. These resources offer the latest economic indicators, expert insight, and statistical trends related to the U.S. housing market.
Housing Visualized
2010 Census l Mapping the Census l Housing Market Indicators
Infographic: Household Formation Gap l Who Gains Most From Tax Breaks
Infographic: Housing's Economic Impact l Measuring State-Level Economic Mobility Past Commissions and Reports l Trulia’s Housing Barometer
Credit Conditions l U.S. Housing Summary 2012 l Changes in Home Prices since 2003
Wells Fargo Monthly Economic Outlook l Wells Fargo Real Estate & Housing Reports
High rents, tight credit put many at the mercy of the market
By Michelle Conlin and Ilaina Jonas
Reuters
"Five years after the housing bubble burst, the United States is in the midst of a housing affordability crisis. Home prices have fallen a third from their peaks, but many Americans cannot benefit because they cannot get a mortgage. With credit tight, many consumers have no choice but to rent. Others who can afford to buy are also renting, because they view real estate as a lousy investment. With this increased demand, rents in some cities have jumped by double-digit percentage rates." Read more here.
The Federal Reserve Bank of New York has posted a helpful graphic displaying county-level changes in home prices since 2003, based on CoreLogic's overall house price indices. The drastic shift in conditions during the housing downturn is especially evident in Arizona, California, Florida and Nevada.
What is happening in your area?
Throughout the week, the BPC Housing Commission highlights news items that address critical developments in housing policy. Any views expressed in the content posted on this forum do not necessarily represent the views of the Commission, its co-chairs or the Bipartisan Policy Center.
Housing downturn spurs a boom in foreclosure-to-rental conversions
By Brady Dennis
The Washington Post
"The real estate data firm CoreLogic estimated in a report this month that the burgeoning foreclosures-to-rental business could become a $100 billion industry this year as bigger investors get involved in hard-hit markets from Florida to California to Arizona to the Midwest." Read more here.
Throughout the week, the BPC Housing Commission highlights news items that address critical developments in housing policy. Any views expressed in the content posted on this forum do not necessarily represent the views of the Commission, its co-chairs or the Bipartisan Policy Center.
The Biggest X-Factor in the Housing Market? Where Baby Boomers Will Choose to Retire
By Nate Berg
The Atlantic
"America's aging population is already placing different demands on the housing market and affecting what developers will likely be focused on providing, according to Terry Holzheimer, director of economic development in Arlington County, Virginia. He's expecting to see more infill housing, more housing in areas that are walkable, and more pedestrian-oriented neighborhoods with high levels of services and amenities." Read more here.
Throughout the week, the BPC Housing Commission highlights news items that address critical developments in housing policy. Any views expressed in the content posted on this forum do not necessarily represent the views of the Commission, its co-chairs or the Bipartisan Policy Center.
Foreclosures reach lowest quarterly level since late 2007, RealtyTrac data show
By Brady Dennis
The Washington Post
"The number of foreclosures during the first three months of this year was the lowest quarterly total since the final quarter of 2007. The numbers show that, in March, foreclosures were filed on just fewer than 199,000 properties, a 17 percent decrease from a year earlier and the first time the monthly total has dipped below 200,000 since July 2007." Read more here.
Throughout the week, the BPC Housing Commission highlights news items that address critical developments in housing policy. Any views expressed in the content posted on this forum do not necessarily represent the views of the Commission, its co-chairs or the Bipartisan Policy Center.
Foreclosures give rise to a new industry
The Washington Post
"The cost of renting in the United States reached an all-time high compared with that of buying a home at the end of last year, indicating that it is a good time for investors to buy, according to Deutsche Bank analysts." Read more here.
Throughout the week, the BPC Housing Commission will highlight news items that address critical developments in housing policy. Any views expressed in the content posted on this forum do not necessarily represent the views of the Commission, its co-chairs or the Bipartisan Policy Center.
By Michael A. Fletcher
The Washington Post
"With the battle for the Republican presidential nomination moved to Florida, the candidates find themselves confronted with a question central to the health of the state’s weak job market: What are their plans for solving the housing mess? Florida’s economy rests heavily on housing, which has struggled in the years since the bubble burst. New construction has slowed to a crawl and home prices have tumbled, sapping consumer confidence, choking tax revenue and leaving the state with one of the nation’s highest unemployment rates.
President Obama has acknowledged that his housing policies have been ineffective, an assertion vividly illustrated by the many half-built developments and large inventory of financially distressed properties that dot the Florida landscape. That might sound like a political opportunity for the GOP candidates, particularly in Florida, which is seen as pivotal to their party’s chances to capture the White House. But so far, the candidates have not been specific on how they would address the housing problem." Read more here.
Throughout the week, the BPC Housing Commission will highlight news articles that address critical developments in housing policy. Any views expressed in the content posted on this forum do not necessarily represent the views of the Commission, its co-chairs or the Bipartisan Policy Center.
By Zachary A. Goldfarb
The Washington Post
"Mortgage finance giants Fannie Mae and Freddie Mac are unlikely to need any more taxpayer money and will soon start paying back their loans, bringing the total cost of the government bailout of the firms to $124 billion by the end of 2014, according to federal officials. To date, the companies, which play a central role in the Obama administration’s response to the housing crisis, have cost taxpayers $141 billion. But soon, Fannie and Freddie will begin to generate enough profit to begin to pay back taxpayers." Read more here.
Homeownership, the linchpin of the American Dream, recently turned into a nightmare for many families who could no longer afford their mortgages and, in turn, our neighborhoods, communities, and entire economy suffered. Solving these, and other pressing short-term issues like homelessness and lack of safe and affordable housing, and addressing long-term questions on the appropriate role of the federal government in housing will be no small stump to jump.
