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Florida’s housing affordability crisis is reaching a breaking point

Housing Wire

Homeowners now spend 35% to 45% of their income on housing costs, far above the recommended 28% threshold, Cotality explained. “The last 25 years have seen home prices, homeowners’ insurance, and property taxes surge in Florida ,” Selma Hepp , Cotality’s chief economist, said in the report.

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Realtor.com addresses housing supply gap in new report

Housing Wire

“Over the last decade or so, we have seen both homeowner and rental vacancy rates drop to record lows,” she said last week. “The homeowner vacancy rate should be closer to 1.5% This was driven by an increase in both single-family and multifamily construction. or 2%, and it’s still just barely above 1%.

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Surging home prices lead more Americans to stay in the renter pool

Housing Wire

The surge in renter households is outpacing the growth of homeowners in the U.S., increase in homeowner households, which now total 86.9 Redfin cited the boom in multifamily construction over the past few years as one reason why rents have remained stable. as there are now a record 45.6 million renters. That was up 2.7%

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HUD, USDA reach accord on energy-efficiency standard for new construction

Housing Wire

Department of Agriculture (USDA) have settled on new energy-efficiency standards for the construction of new single-family and multifamily homes. The “Adoption of Energy Efficiency Standards for New Construction of HUD- and USDA-Financed Housing” was published on Friday in the Federal Register, and will go into effect on May 28.

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Realtor.com: HOA fees are on the rise among all home types

Housing Wire

Mortgage and property tax payments are not the only expenses that prospective homeowners need to consider. Homeowners associations (HOAs) are commonplace, and more of them are requiring owners to pay up, according to a survey by Realtor.com. of new construction homes required buyers to pay HOA dues, compared to only 38.2%

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New-home sales hit highest level since 2021

Housing Wire

In many markets, there was simply more new home inventory and some buyers who might have wanted to purchase an existing home were instead looking at new construction, said Bright MLS Chief Economist Lisa Sturtevant in a statement. Existing-home sales finished the year strong with a 9.3%

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As the lock-in effect eases, the market for new homes is shrinking

Housing Wire

An overdue shift in homeowner attitudes about selling their homes is a major factor, Redfin reported. Recently, the “lock-in effect” has kept homeowners with historically low-rate mortgages from selling, but this effect is easing. New construction inventory has grown in recent months. year over year in September.

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