NAHB responds to presidential debate
Following the latest Democratic presidential debate, the National Association of Home Builders issued a response in regard to the topic of housing and affordability.
On Nov. 21, 10 presidential hopefuls debated in Atlanta.
NAHB Chairman Greg Ugalde.
“It is significant that the Democratic candidates running for our nation’s highest office acknowledged the urgent need to tackle America’s housing affordability crisis and recognized the important role that housing and homeownership play in helping to build a strong and stable economy,” Greg Ugalde, chairman of the NAHB and a home builder and developer from Torrington, Conn., said in a statement issued by the association.
Despite low mortgage rates, a lack of affordable homes has been one of the major obstacles holding back the housing industry. Compounded with costly and cumbersome government regulations, a lack of lots, and a shortage of labor, the result has been not enough affordable homes on the market for home buyers.
According to the NAHB, President Trump has been doing his part to address the issue. But more is needed from Congress.
“The Trump administration has also made this issue a priority through its recent plan to overhaul Fannie Mae and Freddie Mac and the president’s executive order to address America’s housing affordability challenges,” Ugalde said. “Congress must now take the lead and act in a bipartisan manner to advance comprehensive housing finance that provides a limited federal backstop to ensure the 30-year mortgage remains readily available and affordable.”
The latest Residential Construction Report from the Department of Commerce brought good news earlier this week.
Housing starts in October increased 3.8 % to a seasonally adjusted annual rate of 1.314 million from the revised September rate of 1.266 million. This is also 8.5% above the revised October 2018 rate of 1.211 million. Single-family starts increased by 2.0% in October to 936,000 above the revised September rate of 918,000.
Additionally, total housing permits for October increased by 5.0% to a seasonally adjusted rate of 1.461 million from the revised September rate of 1.391 million. Permits are also 14.1% above the October 2018 rate of 1.281 million.
The report was followed by the latest existing-home sales report from the National Association of Realtors, which brought more optimism with a 1.9% sales increase for October.
At the same time, builder confidence remains on steady ground, according to the November NAHB/Wells Fargo Housing Market Index.
On Nov. 21, 10 presidential hopefuls debated in Atlanta.
NAHB Chairman Greg Ugalde.“It is significant that the Democratic candidates running for our nation’s highest office acknowledged the urgent need to tackle America’s housing affordability crisis and recognized the important role that housing and homeownership play in helping to build a strong and stable economy,” Greg Ugalde, chairman of the NAHB and a home builder and developer from Torrington, Conn., said in a statement issued by the association.
Despite low mortgage rates, a lack of affordable homes has been one of the major obstacles holding back the housing industry. Compounded with costly and cumbersome government regulations, a lack of lots, and a shortage of labor, the result has been not enough affordable homes on the market for home buyers.
According to the NAHB, President Trump has been doing his part to address the issue. But more is needed from Congress.
“The Trump administration has also made this issue a priority through its recent plan to overhaul Fannie Mae and Freddie Mac and the president’s executive order to address America’s housing affordability challenges,” Ugalde said. “Congress must now take the lead and act in a bipartisan manner to advance comprehensive housing finance that provides a limited federal backstop to ensure the 30-year mortgage remains readily available and affordable.”
The latest Residential Construction Report from the Department of Commerce brought good news earlier this week.
Housing starts in October increased 3.8 % to a seasonally adjusted annual rate of 1.314 million from the revised September rate of 1.266 million. This is also 8.5% above the revised October 2018 rate of 1.211 million. Single-family starts increased by 2.0% in October to 936,000 above the revised September rate of 918,000.
Additionally, total housing permits for October increased by 5.0% to a seasonally adjusted rate of 1.461 million from the revised September rate of 1.391 million. Permits are also 14.1% above the October 2018 rate of 1.281 million.
The report was followed by the latest existing-home sales report from the National Association of Realtors, which brought more optimism with a 1.9% sales increase for October.
At the same time, builder confidence remains on steady ground, according to the November NAHB/Wells Fargo Housing Market Index.