Fri
Sep 23 2022
04:58 pm
Why it’s getting even harder to keep a roof over your head
By: jbr

Over the past five years, the average home price has gone up by 60% while the average income has risen by less than 15%, said Andy Walden, vice president of enterprise research at Black Knight, a mortgage database company.

“Home prices are significantly out of whack with income levels,” said Walden.

Why it’s getting even harder to keep a roof over your head

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bizgrrl's picture

"There are clear signs of

Submitted by bizgrrl on Fri, 2022/09/23 - 6:43pm.

"There are clear signs of cooling in the housing market. Home sales have been dropping for seven months in a row as the rising cost to buy and finance a home pushes more people out of the housing market. Typically, as demand dries up, prices will come down and eventually mortgage rates will settle."
...

"Most housing policy experts say that building a steady supply of new, moderately priced homes is needed to fix the affordability crisis. But because those homes are not as profitable for builders as larger, higher-priced homes, it will take a concerted effort by both public and private sectors."
...
"In May, the Biden administration announced a Housing Supply Action Plan to close the affordability gap and ease housing costs. The plan aims to boost the supply of affordable housing by enhancing existing federal financing and incentivizing areas to reform zoning and land use policies to build more lower cost housing. It also calls for homebuilders to adopt more efficient construction methods."

fischbobber's picture

Profit margins

Submitted by fischbobber on Sat, 2022/09/24 - 8:47am.
(in reply to bizgrrl)

Look ay Glenn Jacobs contributors list and ask yourself if any of them has ever done anything solely for the benefit of our community. That's the likely hood of housing being built that actually benefits the citizens most at need. Our housing crisis will extend past the Jacobs administration until we elect someone who cares about running the county and institutes policy to fix it. We're at least a decade out from fixing the problem. We're at least four years from anyone even working on it.

We have over 4000 home sites approved and waiting for construction. Local builders are getting zoning and approval and sitting on projects. It's the same thing oil companies did with drilling leases. They prey on the welfare of communities for profit. When our current bubble bursts, there will be wailing and gnashing of teeth.

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