ru - Residential Update

September 2023

Biden Administration Expands Blueprint for Renters Bill of Rights

The Biden administration on July 27 unveiled new actions to protect renters at the federal, state and local levels, including giving renters a chance to correct screening reports, funding tenant organizing efforts and ensuring advance notice prior to evictions. The administration also seeks to expand tenant education and communication.

September 2023

White House Launches HUD Program to Lower Housing Costs, Increase Supply

The White House on July 27 introduced the Pathways to Removing Obstacles to Housing program. The Department of Housing and Urban Development initiative will provide $85 million in federal funding to help lower housing costs and boost affordable housing by reducing restrictive land-use and zoning rules; expanding financing for affordable, energy-efficient, and resilient housing; and promoting commercial-to-residential conversions.

September 2023

Fannie Amends Appraiser Independence, Data Collection Rules

Fannie Mae on Aug. 2 released updated appraiser independence requirements, known as AIR, and also established new property data independence requirements, known as PDCIR. AIR safeguards the independence, objectivity and impartiality of appraisers throughout the valuation process for 1- to 4-unit residential properties. PDCIR safeguards the independence, objectivity and impartiality of property data collectors throughout the property data collection process.

September 2023

Housing Steady Regardless of Possible Recession: Fannie Mae

Home sales should remain subdued but steady even if the economy enters a mild recession, Fannie Mae’s Economic and Strategic Research Group reported Aug. 23. They also noted that if the country avoids a recession, home sales are still likely to be limited by lack of inventory and homeowners unwilling or unable to give up their current low interest rate.

September 2023

California Homeowners Could Get $40k to Build ADUs

California Gov. Gavin Newsom signed a budget that includes $50 million to incentivize the state’s residents to build accessory dwelling units in their backyards to help address the housing supply shortage, Business Insider reported Aug. 2. California is short about two million homes and plans to revitalize a program that would pay residents up to $40,000 to put at least one additional unit on their property.

September 2023

Fed Close to Finalizing Rule Identifying Real Estate Owners

The final Residential Real Estate Reports and Records rule could be completed by the end of the month — sooner than was anticipated, GlobeSt.com reported Aug. 14. The anti-money laundering rule from the U.S. Treasury Department would require the true owners of real estate to be identified, putting an end to the anonymous cash purchase of luxury homes. The rule has been in the works since December 2021.

September 2023

Apartment Rents Drop for 3rd Consecutive Month as Supply Increases: Realtor.com

An increased supply of apartments has caused rents to drop for three consecutive months in most of the U.S., Realtor.com reported Aug. 21 in its newest rental report. Nationwide, rents were down 1% in July from the same point a year ago. Rents for studio units dropped for the first time in three years.

September 2023

Some Lenders Discriminated Against Protected Classes: CFPB

The Consumer Financial Protection Bureau stated in a July 26 supervisory highlights report that it found some mortgage lenders violated the Equal Credit Opportunity Act by discriminating against borrowers in protected classes, such as race, national origin, sex and age. The CFPB directed lenders to review, identify and provide relief to any applicant negatively affected by these violations.

September 2023

Share of Homebuyers Looking to Relocate Hits Record High, According to Redfin

A record-high share of homebuyers (25.8%) is looking to relocate to a different metro, and Las Vegas is the most popular destination, Redfin reported Aug. 23. Myrtle Beach, South Carolia, is among the top relocation destinations for the first time thanks to affordable homes and a vacation lifestyle that’s drawing buyers from New York and Washington, D.C.

September 2023

Mississippi has Highest Percentage of Underwater Homes, According to ATTOM Data

Mississippi topped the list of states with the highest percentage of underwater mortgages during the second quarter, with 12% of homes there seriously underwater, ATTOM reported July 28. The District of Columbia was second on the list (11%), followed by Louisiana (10%).