ru - Residential Update

August 2021

Single-family Rental Market Expected to See Major Growth in Coming Years: Report

The single-family rental market is poised for major growth in the coming years as the coronavirus pandemic highlighted the need for more diverse rental properties, according to the Low-Density Rental Housing in America report released June 28 by the Urban Land Institute and real estate consulting firm RCLCO.

August 2021

Urban Flight is a Myth, Freddie Mac Report Shows

So-called urban flight is a myth, with housing prices and sales in urban areas reaching pre-pandemic levels as of May, Freddie Mac reported in a study released July 12. The coronavirus pandemic accelerated the existing migration out of big cities, but it didn’t create an exodus. Buyer demand is now shifting to urban areas in more affordable cities.

August 2021

Forecast Shows Home Price Growth Through Q2 2022: Data

Home prices are forecast to continue growing for the next 12 months, rising 7% through the second quarter of 2022, analytics firm Veros reported July 7. Much of the growth will be seen in the West, with Idaho claiming five of the strongest residential markets.

August 2021

Vacation Home Market Starts to Cool Off After Record-breaking Year, Data Reveals

Demand for vacation homes in June was down 11.1% from the same point a year ago, possibly marking the end of the pandemic-driven surge in second-home purchases, online real estate marketplace Redfin reported July 14. This decline in vacation-home sales is the first since April 2020, and it comes after months of double- and triple-digit increases in the demand for second mortgages.

August 2021

FHFA Makes Significant Updates to Mortgage Database

The Federal Housing Finance Agency on June 30 released new and expanded statistical products from the National Mortgage Database for new residential mortgage originations. New offerings include a monthly, quarterly and annual series focused on home purchase and refinance mortgages and national mortgage performance and a series of national- and state-level statistics for outstanding residential mortgages.

August 2021

Federal and Local Eviction Moratoria Prevented Foreclosures: Freddie Mac

Federal and local moratoria on foreclosures during the coronavirus pandemic prevented an eviction crisis among renters, but back rent is still a looming issue, Freddie Mac reported June 30 in its Transitioning to Post-Pandemic Normal white paper. Freddie noted that a sufficient amount of rental assistance is still available.

August 2021

Communities in Florida, Illinois and New Jersey at Greatest Risk Due to COVID-19: Data

During the second quarter, 37 of the 50 counties most vulnerable to the economic effects from the ongoing coronavirus pandemic were located in just three states — Florida, Illinois and New Jersey, analytics firm ATTOM Data Solutions reported July 22. Those states, along with Louisiana and Delaware, were the only ones with multiple counties in the top 50.

August 2021

Consumers Believe Now is a Good Time to Sell a Home, Bad Time to Buy One: Fannie Mae

The share of consumers who believe now is a good time to sell a home rose from 67% to 77% between May and June, Fannie Mae reported July 7 in its Home Purchase Sentiment Index. However, sentiment about buying a home worsened in June, with 64% of consumers believing it’s a bad time to buy, up from 56% who thought so in May.

July 2021

Appraisals Part of Effort to Reduce Wealth Gap: White House

The Biden administration announced June 1 that as part of its efforts to increase Black wealth, the Department of Housing and Urban Development Secretary, Marcia Fudge, will lead an interagency taskforce to address inequity in home appraisals. The Appraisal Institute supports the task force, which is consistent with congressional legislation backed by the organization (HR 2553 the Real Estate Valuation Fairness and Improvement Act).

July 2021

Biden Administration Seeks to Add $318B for Housing as Part of Infrastructure Plan

The Biden Administration announced May 26 that the American Jobs Plan will include $318 billion to produce or preserve more than two million affordable housing units around the country, Bloomberg CityLab reported. The proposal includes $105 billion in new tax credits, which should boost the number of affordable homes built and maintained every year.