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Latest Housing Market Update:
There has been a lot of government ideas and plans to help make homes more affordable. The latest is this bill that has just passed through the House of Representatives.
The problem we have been facing is there is, and has been even before the pandemic, a 5 million shortage of homes. The Federal government passed a bill to "expand supply and remove barriers" to allow more access to affordable homes. It still needs to pass the Senate, however.
The article goes on to mention regulatory, zoning and streamlining duplicated processes will be updated. These are some major problems with construction slow down which largely impact the majority of people who are looking for just one home for them to live in.
I am not entirely sure how Federal law changes will help when most of these laws can't overwrite state rules. But maybe the states will follow the example?
To me, incentives need to be given to developers to buy more modest homes than homes over 2,500 square feet. Small investors wouldn't be able to survive doing this, but the bigger companies could.
Interest Rates:
A quick note that there was some scare news out when Trump selected his new chair. A person who is not as likely to reduce rates as most expected in the new selection. However, rates are down again from a "stronger-than-expected January jobs report." We are also only talking about a difference between 6.11% and 6.09%.
I am expecting rates to stay around this low 6% rate for a while.
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