What’s Happening in Housing: Early July 2020

Kaupuni Village, Hawaii photo courtesy of G70.design

We’re in the midst of some exciting developments here at Attainable Home! As we focus our energy, we’re taking our weekly news updates down to every two weeks. We hope you’ll keep checking back–something big is in the works! Today, it’s a disturbing forecast for renters, a wild ride for buyers, and another win for net-zero construction.

Fixing the Affordable Housing Crisis

A lack of affordable housing in the U.S. isn’t exactly breaking news. But with COVID eviction moratoriums coming to an end, it’s poised to get a lot worse. Jen Kirby of Vox lays it all out in America’s looming housing catastrophe, explained. It’s a long, information-packed read, but this quote sums it up pretty well:

“Until we solve for that underlying shortage of homes affordable and available to the lowest-income people, then we’re going to face the same crisis during the next pandemic or the next wave of this pandemic or the next natural disaster next year,” Diane Yentel, president and CEO of the National Low-Income Housing Coalition, said. “Because this is a crisis on top of a multi-year, already existing affordable housing crisis.”

Source: Joint Center for Housing Studies at Harvard

Mortgages and More Mortgages

With rates still at record lows, the demand for mortgages continues to increase, reports CNBC. In spite of low inventory and higher home prices, the low interest rates are helping buyers stay in the game. New mortgages applications jumped 5 percent for the week, but were a whopping 33 percent higher than last year. Refinance applications didn’t have as much of a weekly increase, but were 111 percent higher than a year ago.

Where The Best Rates Are

If you’re one of the many homeowners looking to refinance, it pays to shop around. This article from USA Today has some handy pointers on where and how to find the best rates.

What’s Next?

We know the housing market is hopping right now with rates low, demand up, and supply down. But what will the rest of the year spell for the housing market? With so much uncertainty around the virus and the economy, it’s anybody’s guess, really.

Net-Zero Is Catching On

And last but not least, here’s an encouraging look at three net-zero communities that are setting the standard for the future of housing. And while this article (even though it’s positive) subscribes to the notion that net-zero is expensive, it’s really not. There are lots of ways to save lots of energy without spending lots of money.

Kaupuni Village net-zero home
A net-zero home in Kaupuni Village, Hawaii

Be inspired, stay safe, and stay tuned!

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