The National Association of Hispanic Real Estate Professionals (NAHREP) released The 2019 State of Hispanic Homeownership Report®, the tenth installment of their annual report, which synthesizes data and research of a broad cross-section within and outside of the housing industry. The purpose of the report is “to evaluate how the U.S. Hispanic population is faring in terms of homeownership acquisition and to review the primary opportunities and barriers to future homeownership growth,” the report states.
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The Department of Housing and Urban Development (HUD) introduced a proposal that will affect the 2013 Disparate Impact rule, which created uniform standards for the application of disparate impact, referring to policy that has discriminatory effects despite the intention of the policymakers. In brief, the new rule will place the burden of proof onto the plaintiff in housing discrimination cases, which could make such lawsuits more difficult.
Recent data by Zillow reveals that first-time homebuyers make up 46 percent of all homebuyers in the nation. They face greater challenges than those who have previously purchased homes as they are more likely to surpass their budget. Zillow makes it easier for those looking to find an affordable first home by listing the least challenging and most challenging housing markets, which will help inform them on the best place to make their investment.
Homebuyers should think about buying their first home in Boulder, CO, as it is ranked the best housing market for growth and stability by a recent Smart Asset report. According to their findings, the odds of a major drop in home prices are 0 percent in the city, while properties have increased 268 percent in price in the last 25 years. Metro cities in both Colorado and Texas make up a majority of the top ten housing markets.
The latest UCLA Anderson Forecast of California’s economic and housing market reports that housing will continue to cool into the year 2020 despite current job growth and strong economy. The economists attribute the weakening to falling home prices in major markets and decreased demand.
Economists anticipate the demand for housing will decrease in California’s major markets even though recent trends indicate the state’s overall economic strength, including improvements in the job market.
According to a report by CNBC, California’s average unemployment rate is expected to rise to an average of 4.5 percent this year and then decrease to 4.3 percent in 2020 and 2021. Also, the state has added the highest number of construction jobs, amounting to 28,500, in the past year.
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In January of last year, Kaiser Permanente and Oakland-based Bay Area Community Services (BACS) partnered to find homes for 515 aging homeless residing in their hometown in order to tackle the Bay Area’s homeless problem. This month, Kaiser and BACS announced that they have found homes for 250 aging homeless, about half of their projected goal.
The Department of Housing and Urban Development (HUD) is suing Facebook for violating the Fair Housing Act by “encouraging, enabling and causing housing discrimination” when it allows companies to use their platform to shield who can see certain housing ads.
According to a report by the U.S. Department of Commerce, the number of homes that were being built as of December 2018 was at its lowest level in the more than two years. The decrease in housing starts during this period indicates that developers are anticipating fewer new houses that will be sold this year. Building permits increased by just 0.3 percent, suggesting that growth in new housing will continue to be sluggish in the future.
In 2018, Congress passed a bill that rolled back reform measures under the Dodd-Frank Wall Street Reform and Consumer Protection Act that required banks and credit unions to report loan characteristics. The measures required lenders to submit reports for 25 or more mortgages and 100 or more home equity loans made per year.
The bill raised the threshold significantly to 500 mortgages and 500 home equity loans per year, which resulted in 85 percent of banks and credit loans being exempted from reporting. This has sparked concern over fairness in lending as some minorities and women are still subject to loan discrimination.
Increased demand for new housing in a specific geographic area can be an indicator of job growth and a prospering economy, while a halt in demand in new housing might signify an economic slowdown. Using data from the U.S. Census Bureau Building Permit Survey, researchers from Construction Coverage identified the metropolitan areas in the nation that are investing the most funds in new housing.