The United States is struggling with a shortage of up to 5.5 million homes, experts say. The housing gap is so large that it would take more than 10 years to reduce, even if builders accelerate new home construction right away, the National Association of Realtors believes. So President Joe Biden’s new plan that calls
Home builders press Congress to help ease housing shortages
July 18, 2021 by
American home builders have called upon Congress to take steps to address a tremendous shortage of affordable homes in the country through policy solutions. Real estate experts have long cited a perceived decline in new home building in the U.S. that began in the wake of the Great Recession last decade. Zillow recently said there
NAR says America’s housing stock is in a “dire situation”
June 23, 2021 by
The National Association of Realtors has called on U.S. policymakers to do more to address the lack of stock in the nation’s housing market, saying that the situation has become “dire” and that “now is the time to act”. The NAR’s report, Housing Is Critical Infrastructure: Social and Economic Benefits of Building More Housing, highlights
Buyers are sweetening the deal by waiving contingencies
August 3, 2020 by
With home buyers facing tougher competition this year amid ongoing housing shortages, some are trying to gain an edge by waiving contingencies to make their offers look more enticing. Redfin said this week that almost 20% of successful offers submitted by its agents in June in select U.S. markets waived the inspection contingency, compared to
Freddie Mac says the U.S. needs at least 3.3 million more homes
March 6, 2020 by
Home buyers are struggling to find an ideal property to buy due to a shortage of inventory across the nation, and things will likely get worse before they improve, according to a new study by Freddie Mac. Freddie Mac’s study reveals that there is a shortage of 3.3 million homes in the U.S. It puts
Why the next recession won’t bring down home prices
February 15, 2020 by
The resilience of the housing market is such that it will likely survive the next recession without home prices taking a substantial hit, according to a new report from title insurance firm First American Financial Services. “While the housing crisis is still fresh on the minds of many, and was the catalyst of the Great
Facebook pledges $1 billion to combat Bay Area housing crisis
October 23, 2019 by
Facebook is the latest big tech company to pledge money to address the shortage of affordable housing affecting the communities its workers live in. The company says it’s committing $1 billion towards a variety of initiatives meant to tackle the problem, following similar pledges by Google and Microsoft. The initiatives come at a time when
Vacant & abandoned homes are a big factor in the ‘housing crisis’, experts say
July 26, 2019 by
The U.S. is often said to be facing a “housing crisis”, with much of it centered on a shortage of available homes for sale. But a new report from the National League of Cities says that abandoned and vacant homes across the country are also a big part of the problem. In some parts of
Google pledges $1 billion to ease San Francisco’s affordable housing problem
June 19, 2019 by
Google this week announced a grand plan to try and help ease San Francisco’s housing problem, saying it’s setting aside $1 billion to build 20,000 homes in the region in the next ten years. Google’s plans come as it and other technology firms face criticism for contributing to the soaring costs of housing in the
Freddie Mac blames seniors for the current housing shortage
February 13, 2019 by
Seniors are said to be creating a barrier for young adults entering home ownership for the first time, due to not moving out of their homes and instead deciding to “age in place”, according to a report from Freddie Mac. Freddie Mac’s February Insight report notes that around 1.6 million existing homes are being held
