ru - Residential Update

October 2021

3D-printed Homes Appeal to Two-thirds of Consumers: Report

Sixty-six percent of all consumers and 75% of millennials said they would consider living in a 3D-printed home, according to a survey released Aug. 20 by Realtor.com. Results also revealed that 30% of all consumers and 43% of millennials think 3D properties will eventually replace traditional ones.

October 2021

White House Seeks Immediate Increase in Affordable Housing

The Biden administration announced Sept. 1 efforts to add an additional 100,000 homes to the affordable housing supply, with a focus on the lower and middle segments of the market. Part of the plan involves making more single-family properties available to individuals and nonprofits instead of residential investors.

October 2021

HUD Disproportionately Sells Homes Located in Flood Zones, NPR Report Reveals

Homes sold by the U.S. Department of Housing and Urban Development between January 2017 and August 2020 were 75 times more likely to be located in flood zones than other homes sold during the same period, NPR reported Sept. 13. Buyers of HUD homes received less information about flood risks and the cost of flood insurance than those who bought from private sellers.

October 2021

FHFA Announces Equitable Housing Plans for Fannie Mae and Freddie Mac, Seeks Input

The Federal Housing Finance Agency announced Sept. 7 that Fannie Mae and Freddie Mac will submit Equitable Housing Finance Plans to the agency by the end of the year. The plans will identify and address barriers to sustainable housing and outline ways to increase equity in housing finance. The public can provide input by Oct. 25.

October 2021

Freddie Mac Report Reveals Appraisal Valuation Gap

Freddie Mac on Sept. 20 released a report based on data from the Uniform Collateral Data Portal that showed appraisal values are more likely to fall below the contracted sale price of a home in areas with a higher share of minority households. Appraisal Institute President Rodman Schley, MAI, SRA, said that he supports studies on this important issue in order to promote equity in homeownership for everyone.

October 2021

Counties with Greatest Risk of Climate Disaster Becoming More Populous: Redfin

More residents are moving into the nation’s most disaster-prone areas, boosting population in counties with the greatest risk of high heat, drought, fire, flood and storm damage, Redfin reported Aug. 25. These disaster-prone areas are generally more affordable and offer lower property taxes, making them more desirable despite the risks.

October 2021

Analysis Shows Phoenix, Las Vegas Among the Most Overvalued Housing Markets

The Phoenix, Las Vegas and Stockton, California, housing markets were among the hardest hit during the Great Recession, but now they rank among the nation’s most overvalued, according to an analysis released Aug. 26 by Florida Atlantic University and Florida International University. Homes in Phoenix sell at a 42.31% premium, while in Las Vegas the premium is 41.88% and in Stockton it’s 38.5%.

October 2021

FHFA: More Than 200,000 Foreclosures Prevented During Q2

The Federal Housing Finance Agency announced Sept. 23 that Fannie Mae and Freddie Mac completed 217,000 foreclosure prevention actions during the second quarter, bringing the number of consumers who have been assisted during conservatorship to 6.03 million. The report also noted that 47% of loan modifications lowered borrower monthly payments by more than 20%.

October 2021

Renters Outnumber Owners in the Suburbs of Many Major US Cities, Data Shows

Renters now make up the majority of residents in more than 100 of the nation’s suburbs, including communities outside Miami, Los Angeles and Washington, D.C, RentCafe reported Sept. 17. The population of renters in the suburbs outside the 50 largest metros grew 22% between 2010 and 2019, while the number of owners only grew 3% during those years.

October 2021

Condo Prices Rising in Oceanfront Counties, Especially in the South: Report

Condo prices rose by at least 20% in a majority of the nation’s oceanfront counties, according to an Aug. 26 report from ATTOM. Condo prices in the more affordable oceanfront markets in the South climbed faster than the more expensive markets in the West.