Industry Update: the Future of eClosing and RON

Join industry experts for an in-depth discussion on the future of eClosing and how hybrid and RON closings benefit lenders and borrowers.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

How Biden’s Neighborhood Homes proposal impacts real estate investors

Dubbed the Neighborhood Homes Tax Credit, the proposal is part of the larger American Jobs Plan legislation — also known as Biden’s infrastructure plan. Here's a look into how it impacts real estate investors.

Real Estate

Median rent reaches all-time high

Rents rise as increased demand takes a bite out of homeownership

Median asking rent has reached an all-time high, rising to a record $1,006 in the first quarter of 2019, according to recent data from the U.S. Census Bureau.

Rental properties that were lying vacant remained low at 7% in Q1, a factor that is driving up rental prices.

rentMeanwhile, homeownership levels across the country were relatively flat from last year, the data revealed, reversing a trend of eight consecutive quarters of growth.

It appears a surge in renters is the cause. The number of renters has changed course, rising in Q1 after falling in six out of seven previous quarters.

Skylar Olsen, Zillow’s director of Economic Research, said the data suggests the younger generation is having trouble overcoming the hurdles they face in the path toward homeownership, including securing a down payment, finding an affordable home and qualifying for a loan.  

“These hurdles – combined with potential shifts in preferences and/or a simple delay in the many ‘adulting’ events like marriage and children that precipitate buying a home – can have the effect of keeping younger, would-be buyers in rental housing for a longer time,” Olsen said.

He added that the sheer size of the 20-and-30-something population is exacerbating the situation by creating competition that drives up rental prices.

“Multifamily permitting activity has been high in recent years, but the reality is that as much as it feels like we're building abundant rental units, it's not enough to make up for a decade-long shortfall experienced during the housing boom, bust and early recovery,” Olsen said.

 

 

 

 

Most Popular Articles

The housing market is losing steam

Mortgage applications for new home purchases decreased 3% from May and 23.8% year over year, suggesting buyer fatigue in the housing market.

Jul 20, 2021 By

Latest Articles

The DOJ vs. NAR: What’s the impact to real estate agents?

DOJ and the NAR are preparing for battle, but what does this mean for real estate agents? Senior Real Estate Reporter Matthew Blake answers. HW+ Premium Content.

Jul 23, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please