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Most Americans still have to commute every day. Jenn Ackerman for The New York TimesLike a majority of Americans, Ms. Hargreaves was unable to do her work at home. Source: American Community Survey Note: Average commute length for 2020 is not included. The average commute distance changed much less, an indication that commuters are driving faster — but also, more people are driving. “A lot of our choice riders, we're still working to influence them to re-choose transit,” Ms. Tucker said.

Persons: Torie Hargreaves, Jenn Ackerman, Hargreaves, Ms, That’s, Andrea Villanueva, Villanueva, The New York Times “, ” Christopher Wiese, Dr, Wiese, “ There’s, ”, Patricia Mokhtarian, John Goodwin, Rosalind Tucker, we're, Tucker, Aimee Lee, Lee Organizations: Atlanta Washington San, Mo . Chicago Minneapolis New, Mo . Chicago Minneapolis New York City Los Angeles Philadelphia Columbus Denver, The New York Times, Atlanta Austin Boston Charlotte Chicago Columbus Dallas Denver Detroit Houston Kansas City Los Angeles Miami, Atlanta Austin Boston Charlotte Chicago Columbus Dallas Denver Detroit Houston Kansas City Los Angeles Miami Minneapolis Nashville New York, Atlanta Austin Boston Charlotte Chicago Columbus Dallas Denver Detroit Houston Kansas City Los Angeles Miami Minneapolis Nashville New York City Philadelphia San, Atlanta Austin Boston Charlotte Chicago Columbus Dallas Denver Detroit Houston Kansas City Los Angeles Miami Minneapolis Nashville New York City Philadelphia San Francisco Seattle Washington Midnight, Georgia Institute of Technology, Census, New York City –, Philadelphia –, Angeles –, Francisco –, Boston –, Seattle –, Chicago –, Denver –, Kansas City –, Miami –, Houston –, Minneapolis –, Washington –, Austin –, Dallas –, Atlanta –, Charlotte –, Columbus –, Nashville –, Detroit –, BART, area’s Metropolitan Transportation Commission, Labor Department, Atlanta Regional Commission, Lifeline, Chicago Metropolitan Agency for Planning, Regional Transit Authority, % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % Locations: Atlanta Washington San Francisco Boston Kansas City, Mo . Chicago Minneapolis, Mo . Chicago Minneapolis New York, Minneapolis, postpandemic, Atlanta, Atlanta Austin Boston Charlotte Chicago Columbus Dallas Denver Detroit Houston Kansas City Los Angeles Miami Minneapolis, Atlanta Austin Boston Charlotte Chicago Columbus Dallas Denver Detroit Houston Kansas City Los Angeles Miami Minneapolis Nashville New York City, Atlanta Austin Boston Charlotte Chicago Columbus Dallas Denver Detroit Houston Kansas City Los Angeles Miami Minneapolis Nashville New York City Philadelphia San Francisco Seattle, South Minneapolis, North Minneapolis, Boston, Chicago , Kansas City, San Francisco, Washington, New York, Francisco, area’s

☆ Austin is abolishing parking requirements to bring down runaway home prices and rents
▼ + stars: | 2023-11-06 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Austin, Texas is officially getting rid of its minimum parking requirements. The move is expected to decrease home prices and rents, as construction costs fall. Austin, Texas is getting rid of requirements that new construction — from single-family homes to shopping malls — build parking spots. Housing advocates, urban planners, and environmental activists have long pushed to end parking requirements, as they elevate construction costs, inflate rents and home prices, and waste valuable space. AdvertisementAdvertisementA few large cities across the country, including Portland, Minneapolis, and San Jose, have already gotten rid of parking minimums.

Persons: —, Eric Adams, There's, Robert Garcia, Garcia Organizations: Service, City Council, Housing, Rutgers Center, Real, New York City, California Democrat Locations: Austin , Texas, Austin, New Jersey, Portland , Minneapolis, San Jose, New York, New York City, California

☆ We moved to Texas from Europe. We're paying much more for our house, but the neighbors are friendly and the weather is great.
▼ + stars: | 2023-11-05 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +7 min

John Brunner and his wife, Manon, moved from Avignon, France, to Kyle, Texas, in 2022. The couple chose the area in part because California and Austin, Texas, were too expensive. The Austin area came up in our search. Kyle, Texas. Center Street, a main drag in Kyle, Texas.

Persons: John Brunner, Manon, Kyle, —, wouldn't, Kyle We, I've, she's, Kyle Kyle Organizations: Service, Google Locations: Avignon, France, Kyle , Texas, California, Austin , Texas, United States, I'm, Chicago, Austin, South, Fredericksburg, Southern, City, Texas, From Illinois, America, Arizona, New Mexico, Woodstock , Illinois

☆ Brace for 8% mortgage rates to drag the US housing market into a 1980s-style recession, Wells Fargo warns
▼ + stars: | 2023-10-31 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

The US housing market looks like it's headed for a recession, Wells Fargo has warned. AdvertisementAdvertisementThe Federal Reserve's aggressive interest-rate hikes could be about to trigger a housing-market recession that echoes the slowdown of the 1980s, Wells Fargo has warned. "Although mortgage rates may gradually descend once the Federal Reserve begins to ease monetary policy, financing costs are likely to remain elevated relative to recent norms," they added. Please Lower Interest Rates." AdvertisementAdvertisement"The plea for assistance from housing industry participants, both in the early 1980s and more recently, illustrates the severe impact higher interest rates can have on the residential sector," Dougherty and Barley wrote.

Persons: Wells Fargo, —, Charlie Dougherty, Patrick Barley, Freddie Mac, Jackson, Paul Volcker, National Association of Homebuilders, Jerome Powell, Dougherty, Barley Organizations: Service, Federal, Fed, Wells, National Association of Realtors, Mortgage Bankers Association, National Association of Locations: Redfin

☆ Opinion | There Is Another Paris
▼ + stars: | 2023-10-28 | by ( Cole Stangler | ) www.nytimes.com time to read: +3 min

Tourists visiting the Sacré-Coeur Basilica, the magnificent snow-white cathedral towering over northern Paris, tend to descend the Butte Montmartre the way they came up. But once they’ve had enough, they’ll most likely make their way down the south side of the hill, following the path of the funicular toward the recognizable sights of central Paris. This Paris exists mostly outside the gaze of tourists, the whopping 12.7 million people who visited the area this summer. But they refuse to abide by the half-theme-park, half-museum ambience that prevails in much of central Paris. Here, another Paris is alive and kicking.

Persons: they’ve Organizations: Coeur Basilica Locations: Coeur, Paris, Montmartre, Belleville, Eastern, Southern Europe, Maghreb, China

☆ Sahra Wagenknecht’s New Party in Germany Reveals the Strange State of the Left - The New York Times
▼ + stars: | 2023-10-27 | by ( Christopher Caldwell | ) www.nytimes.com time to read: +2 min

On Monday morning, Sahra Wagenknecht, the most charismatic politician in Germany’s Left party, led an uprising against it. The Left party descends from Communist East Germany’s old ruling party, which Ms. Wagenknecht joined in 1989, just before the fall of the Berlin Wall. To put it in crude American terms: It has become too woke for Ms. Wagenknecht. At a time of housing shortages and weak wage growth, the government’s unwillingness to stem the influx of economic migrants is “irresponsible,” Ms. Wagenknecht says. Ms. Wagenknecht faults her party not just for failing to oppose the government but also for bullying and belittling those citizens who do.

Persons: Sahra Wagenknecht, Wagenknecht, “, Ms Organizations: Left, Social Democrats, Greens Locations: Communist East, Germany’s, United States, Ukraine

☆ US consumer spending exits third quarter on strong note; monthly core inflation rises
▼ + stars: | 2023-10-27 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Excluding the volatile food and energy components, the PCE price index rose 0.3%, after edging up 0.1% in August. The so-called core PCE price index rose 3.7% on a year-on-year basis in September, the smallest gain since May 2021, after increasing 3.8% in August. Stripping out housing, the core PCE price index rose by a mild 0.2%. The super core PCE price index advanced 4.3% year-on-year in September. Policymakers are watching the super core PCE price index to try and gauge their progress in combating inflation.

Persons: Bing Guan, Sal Guatieri, James Knightley, Chris Low, Pooja Sriram, Lucia Mutikani, Chizu Organizations: REUTERS, Commerce Department, Federal, BMO Capital Markets, Commerce Department's, Economic, Reuters, Consumer, ING, FHN, Treasury, Fed, Barclays, Thomson Locations: SoHo, New York City, U.S, WASHINGTON, Toronto, New York

☆ California Slams San Francisco for ‘Egregious’ Barriers to Housing Construction
▼ + stars: | 2023-10-25 | by ( Heather Knight | More About Heather Knight | ) www.nytimes.com time to read: +1 min

A scathing new report has found that it takes longer and costs more to build housing in San Francisco than anywhere else in California, exacerbating the state’s homelessness crisis and preventing many workers from being able to live in the city. But some local governments still give housing opponents generous leeway to slow or block projects. Governor Newsom’s housing division has determined that no city has put up more housing roadblocks than San Francisco, according to an investigation released on Wednesday. The report is the first of its kind, trying to compel San Francisco to do better, as well as show other municipalities what is necessary to create a thriving, equitable city. “It is egregious, the enormous amount of constraints and barriers they impose on new housing development,” said Gustavo Velasquez, director of the state’s Department of Housing and Community Development.

Persons: Gavin Newsom, Newsom’s, ”, Gustavo Velasquez Organizations: Gov, state’s Department of Housing, Community Locations: San Francisco, California, “

☆ US new home sales surged in September
▼ + stars: | 2023-10-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —New home sales in the United States surged higher in September from the month before, even as mortgage rates remained over 7%, making financing a home costlier and pushing people out of the market. This represents the fastest pace of sales since February 2022 and easily exceeds analysts’ expectations of a sales pace of 680,000. Sales of existing homes have been trending down since February and are down 20% year to date in September from a year ago. While new home sales are a much smaller share of the overall sales market than existing home sales, the inventory picture is rosier for new construction homes. This represents a supply of 6.9 months at the current sales pace.

Persons: Freddie Mac, ”, Kelly Mangold, Mangold Organizations: DC CNN, United States, US Department of Housing, Urban Development, Census, Federal Reserve, Real Estate Consulting, National Association of Realtors Locations: Washington, United, “

WASHINGTON (AP) — The White House is asking lawmakers for more than $23 billion in emergency funding to help the government respond to the tornadoes, wildfires, hurricanes and other natural disasters that have ripped through the U.S. this year. That request is part of a broader package being sent to Capitol Hill Wednesday that asks for additional investments in child care programs and broadband expansion. And that’s on top of the separate, nearly $106 billion request the Biden administration made last week for aid to Ukraine and Israel, as well as other national security priorities. About $2.8 billion is set aside for the Department of Housing and Urban Development to deal with housing needs arising from natural disasters, while another $2.8 billion is allocated for aid funneled through the Department of Agriculture to farmers and ranchers who have suffered from crop losses. The White House is also asking for money to repair damaged roads, help schools in disaster-hit areas and bolster loans for small businesses in such communities.

Persons: Biden, Joe Biden, ” Biden, Idalia Organizations: WASHINGTON, U.S, Capitol Hill, Federal Emergency Management Agency, FEMA, Department of Housing, Urban Development, Department of Agriculture Locations: Ukraine, Israel, Hawaii, Florida, California, Vermont, Fla

Average 30-year mortgage rates are currently at a two-decade high. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 30-Year Fixed Mortgage RatesLast week's average 30-year fixed mortgage rate is 7.63%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.92% last week, according to Freddie Mac data. Mortgage rates increased dramatically in 2022 and have been volatile so far in 2023, but they're expected to trend down later this year.

Persons: you'll, Freddie Mac Organizations: Zillow, Federal Reserve Locations: Chevron

The projects will cost nearly $298 million and are designed to protect some of the region's most vulnerable communities. Both projects were formulated by the group Rebuild By Design, which was initiated by the U.S. Department of Housing and Urban Development in 2013, and New Jersey environmental officials. It calls for building 9,000 linear feet (about 1.7 miles or 2.7 kilometers) of flood walls, installation of flood gates and construction of berms and levees. They include planting more grass, trees and vegetation in urban areas to absorb rainfall and allow less runoff to flood streets and storm sewers. And as big as they are, the two projects starting Wednesday pale in comparison to huge flood control efforts being contemplated by the federal government.

Persons: Sandy ’, ”, Amy Chester, Hudson, Sandy, It's, Chester, Wayne Parry Organizations: U.S . Department of Housing, Urban Development, Hudson, Meadowlands, Twitter Locations: HOBOKEN, N.J, New Jersey, New York City, Hoboken, Meadowlands, New Jersey , New York, Connecticut, Jersey City, Weehawken, Manhattan, Little Ferry, Hackensack, Carlstadt, New York, www.twitter.com

☆ New York City has lost 100,000 apartments because people in rich neighborhoods keep combining units
▼ + stars: | 2023-10-24 | by ( Juliana Kaplan | Eliza Relman | ) www.businessinsider.com time to read: +4 min

New York City is facing down a housing shortage, all while some apartments disappear. Around 50,000 multi-family row houses have been consolidated to become one- or two-family homes. Combining apartments isn't necessarily a bad thing, but is concerning during a housing shortage. AdvertisementAdvertisementNew York City, famed for its residents stacked upon each other, is actually quietly losing density in some places — and you can blame people expanding their apartments. AdvertisementAdvertisementSome developers are aiming to ameliorate both the housing shortage and post-pandemic glut of office space in the city.

Persons: —, preservationist Adam Brodheim, I'm, Brodheim, Matthew Pietrus, Eric Adams Organizations: Service, New York Times, Big Apple, — Locations: York City, New York City, The City, New, New York, Manhattan

☆ Mortgages will remain sky-high in 2024, pushing existing home sales to a 3-decade low, Goldman Sachs says
▼ + stars: | 2023-10-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Mortgage rates will stay high through 2024, dipping to just under 7% at year-end, Goldman Sachs forecasts. This will keep homeowners off the market, and the housing turnover rate will fall to its lowest since the 1990s. Higher rates will also mean more moderate price growth, with a 1.3% year-on-year rise expected in 2024. AdvertisementAdvertisementThough housing starts are usually sensitive to mortgage rates themselves, Goldman has previously found that this relationship weakens if homeowner vacancy rates are low. The below-trend level will follow an estimated 3.4% price increase for 2023 — though the current rate is higher, Goldman expects prices to turn negative into the year-end.

Persons: Goldman Sachs, —, Goldman, multifamily, Barbara Corcoran Organizations: Service

☆ 3 reasons it could be the right time to buy a home, despite high interest rates
▼ + stars: | 2023-10-22 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Despite high prices and mortgage rates, they said homeownership will pay off for many people in the long-run. Many Americans have been left wondering when — if ever — the time will be right for them to enter the housing market. "Many homeowners first bought their home when interest rates were high — the 50-year average rate on a mortgage is 7.8%," he said. Even if cuts to interest rates cause mortgage rates to fall, they're unlikely to return to the near-zero levels they were in 2022. If and when mortgage rates fall, Yun said that some homeowners who have been eager to move — but have been reluctant to give up their low interest rates — will likely decide to sell.

Persons: homeownership, —, Andy Walden, homebuyers, Jerome Powell, Alex Wong, Daryl Fairweather, Redfin's, Lawrence Yun, Yun, Selma Hepp, Connolly, Mott aren’t, David Meyer, Redfin's Fairweather, Fairweather, There's, there's, Jenna Stauffer, Hepp, Meyer Organizations: Service, National Association of Realtors, ICE Mortgage Technology, CNBC, Federal Reserve, Reserve, CoreLogic, Brigade, Homeowners, International Realty Locations: Washington , DC

☆ California just legalized affordable housing in church parking lots and coastal cities — and it could help solve the state's crisis
▼ + stars: | 2023-10-22 | by ( Eliza Relman | ) www.businessinsider.com time to read: +9 min

Many housing advocates are also disappointed that Newsom vetoed a bill — AB 309 — to create "social housing" on government-owned land. Resnikoff, whose organization endorsed the effort, noted that the state's current fiscal conditions make it very hard to pass housing policy that requires funding. Advocates are quick to point out that California housing policy has impacts far beyond its borders. How effectively California deals with its housing affordability issues also directly impacts other states' housing markets. The migration of California residents to places from Texas to Oregon has put additional pressure on those states to provide even more housing.

Persons: Gavin Newsom, —, Ned Resnikoff, Chris Elmendorf, State Sen, Scott Wiener, Elmendorf, San Francisco Mayor London Breed, Breed, that's, Resnikoff, Brittany Murray, Newsom, Alex Lee, Lee, Eric Adams Organizations: Service, California, UC Davis, UC Berkeley, State, San Francisco Mayor London, Bloomberg, UC Berkeley's Terner, Housing Innovation, Habitat, Getty, New York City Locations: California, Francisco, San Francisco, Washington, Long, Greater Los Angeles, Vienna, Austria, Singapore, Central, Southeast Asia, New, Texas, Oregon

[1/3] In half a century of public life, U.S. President Joe Biden has demonstrated unwavering support for Israel. Biden, who is of Irish Catholic descent, has used similar words in the past to profess his affinity for Israel. U.S. and regional sources have expressed doubt that Israel, which vows to destroy Hamas, has yet crafted an endgame. As vice president, Biden often mediated the testy relationship between Obama and Netanyahu. "Whenever things were getting out of hand with Israel, Biden was the bridge," said Ross, now at the Washington Institute for Near East Policy.

Persons: Joe Biden, Biden, Benjamin Netanyahu, Netanyahu, Aaron David Miller, Barack, Golda Meir, Obama, Dennis Ross, Obama's, Ross, Israel, Lindsey Graham, Graham, Rashida Tlaib, Khaled Elgindy, Matt Spetalnick, Jeff Mason, Steve Holland, Patricia Zengerle, Suzanne Goldenberg Organizations: Israeli, Hamas, U.S, Irish Catholic, Israel, Democratic, Republican, Reuters, Democratic Party, Nazi, U.S ., Senate, Washington Institute for Near, Republican U.S, Republicans, American, Younger, ., Middle East Institute, Thomson Locations: U.S, Israel, Tel Aviv, WASHINGTON, Gaza, Palestinian, Irish, East, East Jerusalem, Iran, America, Washington

☆ Poverty is rising faster in American suburbs as lower-income people are pushed out of big cities
▼ + stars: | 2023-10-19 | by ( Eliza Relman | ) www.businessinsider.com time to read: +3 min

The rate of suburban poverty rose three times faster than urban poverty between 2019 and 2022. The skyrocketing cost of housing in major cities is one factor pushing lower-income people out of cities. But the pandemic has accelerated the trend of suburban poverty rising at a faster rate than urban poverty, according to new US Census data. While the rate of poverty is rising faster in suburbs than in cities overall, cities still have a higher per capita poverty rate on average. In 2022, 9.6% of suburban dwellers lived in poverty, while 16.2% of residents of major cities were poor, Brookings noted.

Persons: —, Louis, Saint Paul, Brookings Organizations: Service, American, Survey, Brookings Institution, Brookings Locations: South, West, Midwest, Suburban, Washington, DC, Houston, San Francisco, Ogden , Utah, St, Minneapolis, Saint

Family members told CNN that the men were transferred to a nearby hospital and died of their wounds soon after. Meanwhile, tensions are mounting in the West Bank, where Palestinians have been killed in confrontations with both Israeli forces and settlers. “Anyone who challenges us in Judea and Samaria will be met with huge force,” Hagari said, using the Jewish biblical names for the West Bank. Abdulrahman, 12, lost his father seven years ago when he was shot dead by Israeli settlers near Nablus. Aseel Wadi's father and brother were killed by Israeli settlers as they drove to a funeral for Palestinians killed in their West Bank community.

Persons: CNN — Ibrahim Wadi, Ahmad, Hani Odeh, Ibrahim, Odeh, Daniel Hagari, “, ” Hagari, Israel, Abu Raidi, Obaida Abu Srour, Hassan Muhannad, Moath Odesa, Abdulrahman, Rabeea, ” They’ve, Benjamin Netanyahu, Netanyahu, Itamar Ben Gvir, Bezalel Smotrich, Joe Biden, Mahmoud Abbas, Ibrahim Wadi, CNN's Becky Anderson, –, Ibrahim’s, Khitam, Aseel, CNN “, We’ve, ” Organizations: CNN, West Bank, Hamas, Palestinian Ministry of Health, Bank, United Nations, IDF, West Bank ., National, Finance, Palestinian Locations: Qusra, Nablus, Israel, Gaza, Qusra's, Qusra’s, Territories, Brig, Judea, Samaria, Odeh, Jordan, West Bank, Palestinian

☆ Opinion: The people Olympic host cities don’t want you to see
▼ + stars: | 2023-10-19 | by ( Opinion David Goldblatt | ) edition.cnn.com time to read: +9 min

A Japanese policeman checks the signs to be used during the opening parade at the Olympic Games in Tokyo, 1964. Police officers stand guard at the rowing and kayak competitions venue at Lake Lanier near Gainesville, Georgia, ahead of the 1996 Olympic Games. Helsinki, which built the first permanent Olympic Village in 1952, created a successful and architecturally distinguished neighbourhood of social housing. Barcelona’s 1992 Olympic Village became the epicentre of a process of beachside gentrification and soaring house prices. Until that changes, we can expect the staging of future Olympic Games to look the same.

Persons: David Goldblatt, Read, David Goldblatt David Goldblatt, Douglas Miller, Charles Platiau, dockets, Buda Mendes, Barcelona’s, Urman Lionel, Denis Organizations: CNN, Olympic, Hulton, Getty, LAPD, Atlanta, Police, Housing Rights, Pan American Games, Rio de, City Council, Melbourne Olympic Games, Asahi Shimbun, City, Games, International Olympic Committee, Olympic Games Locations: British, Paris, Berlin, Roma, Tokyo, Moscow, Los Angeles, Lake Lanier, Gainesville , Georgia, Atlanta, Seoul, Beijing, Rio de Janeiro, Rio, Brazil, Buda, Helsinki, Melbourne, Japan, Australia, Mexico, Athens, Portakabins, London

☆ The 10 cities with the most competitive housing markets
▼ + stars: | 2023-10-19 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +2 min

The most expensive and populous cities are not the most competitive for homebuying, Redfin found. In these cities, days on market are falling, offers abound, and contingencies are often waived. AdvertisementAdvertisementEven though the uber-competitive housing market days of 2021 and 2022 are mostly behind us , there are still cities where you better bring your best offer. Redfin has uncovered the cities with the most competitive housing markets in the country. Redfin measured the competitiveness of housing markets based on the number of competing offers, waived contingencies, sale to list ratio, and number of days on market.

Persons: Redfin, —, Daryl Fairweather, There's, Fairweather, San Organizations: Service Locations: Omaha , Nebraska, Rockford , Illinois, York, Los Angeles, Austin, Boise, Fayetteville, Omaha, California, San Jose, San Diego, Sacramento, San Francisco, Francisco, Redfin

☆ US single-family starts rise; soaring mortgage rates a challenge
▼ + stars: | 2023-10-18 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

In addition, the jump in housing starts partially recouped the decline in August. The rebound in homebuilding probably reflected permits approved several months ago before mortgage rates broke above 7%. Single-family housing starts, which account for the bulk of homebuilding, increased 3.2% to a seasonally adjusted annual rate of 963,000 units last month, the Commerce Department said. Single-family starts rose in the Midwest, West and the densely populated South, but plunged 19.0% in the Northeast. Though permits are a leading indicator, economists cautioned against being too optimistic about homebuilding prospects, citing the soaring mortgage rates and souring builder sentiment.

Persons: Sarah Silbiger, homebuilding, homebuilders, Conrad DeQuadros, Christopher Rupkey, Colin Johanson, Lucia Mutikani, Dan Burns, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, Brean, Commerce Department, Data, Mortgage Bankers Association, Federal Reserve, Treasury, Reuters, Realtors, Barclays, Thomson Locations: Washington , U.S, WASHINGTON, homebuilding, New York, Midwest, West, Northeast, U.S

The report reflects the uneasy state of new construction, with builders facing the strain of high mortgage rates and increased costs for building materials. “To keep buyers interested, many builders have been offering upgrades or buying down mortgage rates, but rising home prices coupled with mortgage rates approaching 8% means there will be fewer buyers in the market to entice,” Bright MLS Chief Economist Lisa Sturtevant said. It is the week’s second report on the state of the new housing market. On Tuesday, the National Association of Home Builders/Wells Fargo Housing Market Index revealed that builder confidence fell for the third consecutive month in October. "Today’s September housing starts report reflects the fragility of the real estate market,” said Travis Hodges, managing director at insurance broker VIU by HUB.

Persons: “, ”, Lisa Sturtevant, Alicia Huey, Travis Hodges Organizations: Census Bureau, Department of Housing, Urban Development, MLS, National Association of Home Builders, National Association of Realtors Locations: Wells Fargo, Birmingham , Alabama, Florida, California

☆ The interest rate on the most popular American home loan hits 8% for the first time since 2000
▼ + stars: | 2023-10-18 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Rates on the 30-year fixed mortgage hit 8% on Wednesday, per Mortgage News Daily. It's the first time the interest rate on the most popular US home loan hit that mark since mid-2000. AdvertisementAdvertisementFor the first time since 2000, the rate on the typical 30-year fixed mortgage hit 8% on Wednesday, according to Mortgage News Daily. Mortgage rates are a critical input for the affordability equation for prospective home buyers, and in previous eras of rising rates, home prices have declined as borrowing costs increase. The rise in rates has sent mortgage applications tumbling to their lowest level in almost three decades, according to the Mortgage Bankers Association.

Persons: Bond, — Organizations: Mortgage, Service, Mortgage News, Treasury, Association, National Association of Realtors

☆ Canada targets Airbnb, others to ease rental shortage
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Susana Vera/File photo Acquire Licensing RightsOTTAWA, Oct 17 (Reuters) - Canada will take steps in the coming weeks to ease a rental-unit shortage exacerbated by Airbnb (ABNB.O) and other short-term rental platforms, Finance Minister Chrystia Freeland said on Tuesday. Freeland said the government is examining options to ensure more short-term rentals become available as long-term rentals. Cities around the United States are more closely regulating short-term rentals, including by requiring hosts to obtain licenses and pay registration fees. In that province, there are 28,000 daily active short-term rental listings, up 20% from a year ago. Freeland's comments come a day after the banking regulator Office of the Superintendent of Financial Institutions shelved some planned mortgage rules related to tighter regulatory limits on debt-service coverage.

Persons: Finance Chrystia Freeland, Susana Vera, Chrystia Freeland, Freeland, Airbnb, David Ljunggren, Nivedita Balu, Alistair Bell, Rod Nickel Organizations: Finance, IMF, World Bank, REUTERS, Rights OTTAWA, British Columbia, Thomson Locations: Marrakech, Morocco, Canada, United States, Florence, Italy, Byron, British, Freeland, Toronto, Vancouver, Montreal, Ottawa

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