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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. Read More... |
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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.
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Give to Housing Virginia
Your generous gift helps Housing Virginia to make the case for increasing the supply of affordable housing options across the Commonwealth. Your tax-deductible donation may be sent to: Housing Virginia P. O. Box 4658 Richmond, VA 23220 Or you can make a secure online donation here.Housing Virginia also participates in the Commonwealth of Virginia Campaign. Please use CVC code # 3690. |
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