Housing Virginia E-News
August, 2011
State of the Nation's Housing 2011:
Sluggish Housing a Drag on Economic Recovery
Earlier this summer, Harvard University's Joint Center for Housing Studies  released its annual "State of the Nation's Housing" report. This latest report looks at the nation's housing markets, homeownership demographics, the rental market, and the challenges of each, including shifting demand, unemployment, and shadow inventory for 2010.  The report comes at a time when the housing market continues to show few signs of recovery - not good news for an economy where housing has been a key contributor - often playing a leading role in economic recovery. Unlike in previous cycles, the low level of residential construction has been a drag on economic recovery.



While job growth and consumer confidence are two important factors in providing a spark to housing markets, neither of these is present in many US markets.   Nationally, unemployment remains near 9% while home prices continue to decline.  Combined with job loss, this has resulted in continuing high foreclosure levels.  Tighter underwriting standards for mortgage loans, combined with job uncertainty, tamps down homebuyer demand.



Nationally, the homeownership rate declined to below 67% - (below 66% as of this month), its lowest level in over a decade. As homebuyers continue to sit on the sidelines and opt for rental housing, the overhang of unsold units stays at record levels - more than 700,000 in 2010, while the number of units that are being held off the market is even higher at 1.1 million.



Rental housing demand has been increasing as nearly 4 million new renters entered the market in the second half of the decade. 



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Riding the Housing Wave: Understanding Rental and Homeownership Options Available in our Neighborhood

On July 28 the Hampton Road Housing Consortium in partnership with Housing Virginia held a successful housing symposium title
d"Riding the Housing Wave:
Understanding Rental and Homeownership options in our neighborhood.  
The symposium was well attended by members of the local housing authorities, city officials, non-profits, lenders, realtors, private developers, representatives from the Department of Housing and Urban Development (HUD) and Virginia Housing Development Authority (VHDA).

Participants were given vital information concerning housing updates from the federal perspective, addressing the needs of rental housing and resources for homeownership in Hampton Roads. This information gave those attending a regional venue for open dialog to address the housing needs of the fifteen communities within the Hampton Road region.

For more information on this event or the Consortium, contact Shernita L. Bethea, Housing & Human Services Manager, Hampton Roads Planning District Commission, Phone: 757-420-8300.


In This Issue
Other Articles

SOURCEBOOK Gains Support from the Wachovia Wells Fargo Foundation

Fredericksburg Task Force Focuses for Action
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Richmond, VA   23220

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August 31, 2011 9:30 - 11:30 am , Connecting Home and Work in the Charlottesville Region.  Registration is required by calling (434) 979-7310 or by email register@tjpdc.org.

September , 2011 and October 6, 2011 Free Money Management and Credit Recovery Class for consumers and potential homeowners, Housing Opportunities Made Equal, Richmond

October 26, 2011 Unlocking Doors and Minds for 40 Years. HOME's celebration at the Richmond Marriott.

November, 16 - 18th 2011 Governors Housing Conference - Navigating and Changing Environment. Hampton Roads Convention Center.

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