Veteran homelessness reaches a record low

Veteran homelessness has reached its lowest level on record, according to a joint announcement from the U.S. Interagency Council on Homelessness (USICH), HUD, and U.S. Department of Veterans Affairs (VA). Data from the 2024 Point-in-Time Count, which estimates the number of people experiencing homelessness nationwide, revealed a 7.5% decrease from 2023, an 11.7% decline since 2020, and a 55.6% drop since 2010. Further, there was a 10.7% decrease in unsheltered Veteran homelessness nationwide in the last year. Detailed tracking of veteran homelessness began in 2009.

“The 2024 PIT Count data reflecting a 10% reduction in unsheltered veteran homelessness nationwide is positive news. After a brief spike, communities have been revitalizing local efforts. The return to decreases in veteran homelessness reflects the power of community work, the impact of housing-focused interventions, and the tenacity we see every day from organizations on the front lines of responding to this emergency,” said Kathryn Monet, CEO of the National Coalition for Homeless Veterans. “These results remind us that when we come together with the intent to create systemic change, we can improve access to housing for veterans.”

The news comes one month after the Administration celebrated permanently housing nearly 48,000 homeless Veterans in 2024. The success is credited to interagency collaboration and evidence-based Housing First models, which prioritize stable housing and wraparound services such as healthcare and job support, as vital to making such progress.

“No Veteran should experience homelessness in this country they swore to defend,” said VA Secretary Denis McDonough. “This year’s PIT Count shows that VA and the entire Biden-Harris Administration are making real progress in the fight to end Veteran homelessness. We still have a long way to go, but we will not stop until every Veteran has a safe, stable place to call home.”

“This data show that with the right investments in housing and health care, and with strong leadership and coordination across government, homelessness is solvable,” said USICH Director Jeff Olivet. “The challenge now is to end Veteran homelessness and use the lessons we learn to help all people without a home.”

NAREB’s 2024 SHIBA report calls for comprehensive reform

The National Association of Real Estate Brokers (NAREB) released its 2024 State of Housing in Black America (SHIBA) report, highlighting significant challenges for Black homeownership despite broader economic stability. Persistent racial disparities continue to affect homeownership rates, with Black households at 45.7% compared to 74.3% for White households. Despite a 3.3% GDP in 2023, the housing market continues to struggle with declining mortgage originations and affordability. Key demographics, such as Black female-headed households and millennials, saw drops in mortgage applications and approvals over the past year. The report calls for urgent housing finance reforms to address systemic inequities and enhance access to homeownership for Black Americans.

The SHIBA report outlines the various headwinds Black Americans face when pursuing homeownership, despite a low Black unemployment rate of 5.5%. Median wages for Black workers stand at $56,490, significantly lower than the $89,050 median for White workers, and nearly 25% of Black households have zero or negative wealth. Additionally, appraisal bias results in a 30% median undervaluation of homes in Black neighborhoods. Investor activity has further impacted Black communities, with Redfin estimating that investors purchased 16% of homes sold in the second quarter of 2024, focusing on lower-priced properties. This trend limits affordable housing options, hindering Black homeownership opportunities. Additionally, climate change adds another layer of risk to Black communities, which are often located in areas vulnerable to natural disasters and face insufficient infrastructure and limited resources for recovery. Rising insurance premiums and the withdrawal of insurers from high-risk areas are making it difficult for Black homeowners to secure mortgages and build equity.

The broader housing market presents additional challenges, with mortgage rates fluctuating between 6% and 7% in 2024, and home prices still 47% higher than pre-pandemic levels. Only 14.5% of renter households can afford a median-priced home, a problem exacerbated by the 4.5 million housing unit shortage reported by Zillow. Other persistent challenges include higher mortgage denial rates for Black applicants, an increase in high-cost loans, and a persistent racial wealth gap – where the average net worth for White households is $1,415,470 compared to $332,390 for Black households.

NAREB is calling for comprehensive reforms to address these disparities. Key proposals include restructuring the housing finance system, expanding FHA loan programs, addressing appraisal bias, and creating special purpose credit programs. National priorities include establishing a National Homeownership Tax Credit Program to support affordable homeownership, expanding the U.S. Department of Housing and Urban Development's (HUD) Section 184 program to include Black borrowers, eliminating loan-level price adjustments, and providing relief for student loan debt. Additionally, NAREB's partnership initiatives, such as the Black Developers Academy and the Building Black Wealth Tour, aim to equip Black families with the knowledge and tools needed to achieve homeownership.

The report underscores that incremental wage increases are insufficient to close the racial wealth gap. Instead, it states systemic changes in housing policies and financial systems are essential to create equitable opportunities for Black homeownership and wealth building. 

Biden Administration unveils new climate initiatives

The Biden Administration announced a series of new climate investments aimed at reducing emissions and reducing home energy costs, with a strong emphasis on boosting energy efficiency in the housing sector. These initiatives focus on making homes more affordable and energy-efficient by upgrading heating and cooling systems, improving insulation, and installing energy-efficient appliances in residential buildings nationwide.

The investments include $18 million allocated through the U.S. Department of Energy’s Energy Efficiency and Conservation Block Grant program (EECBG), authorized under the Bipartisan Infrastructure Law. Grantees will use the funds to develop net-zero building roadmaps, bolster recycling programs, launch residential energy efficiency rebate programs in disadvantaged communities, and more.

“The success of America’s clean energy transition will be found at the state and local level which is why President Biden and Vice President Harris have helped transform local clean energy plans into real, lasting actions,” said U.S. Secretary of Energy Jennifer Granholm. “The EECBG Program recognizes that climate solutions are not one-size fits all and provides localities with the tools needed to increase access to clean energy and boost energy resilience through community-led initiatives.” 

Mortgage applications surge in rural communities

Rural areas are continuing to adjust to higher housing demand as a result of the COVID-19 pandemic, according to new research from Fannie Mae. The analysis shows a surge in rural mortgage applications of 80% above pre-pandemic levels, a trend that has continued into 2024. In urban areas, applications slowed due to high interest rates. Out-of-region buyers appear to be driving this trend, with second-home and investment purchasers initially leading the charge, followed by primary residence seekers. The shift is attributed to several factors, including increased remote work opportunities, a desire for more space, and changing lifestyle preferences. The trend could potentially help reverse population decline in rural areas, where over half of non-metropolitan counties experienced population loss in the decade before the pandemic.