HUD Allocates $174 million Through New Housing Trust FundFor the first time ever, the U.S. Department of Housing and Urban Development (HUD) has allocated nearly $174 million through the nation’s Housing Trust Fund. The Housing Trust Fund is a new affordable housing production program that will complement existing federal, state and local efforts to increase and preserve the supply of decent, safe, and sanitary affordable housing for extremely low- and very low-income households, including families experiencing homelessness.By law, each state is allocated a minimum of $3 million. HUD has allocated more than $10 million to California. State affordable housing planners will use these funds for the following eligible activities:
- Real property acquisition
- Site improvements and development hard costs
- Related soft costs
- Demolition
- Financing costs
- Relocation assistance
- Operating cost assistance for rental housing (up to 30% of each grant)
- Reasonable administrative and planning costs
Homeownership Rate Continues to Decline
National vacancy rates in first quarter 2016 stood at 7 percent for rental housing and 1.7 percent for homeowner housing, the Dept. of Commerce’s Census Bureau announced last week. The homeowner vacancy rate was 0.2 percentage points lower than the rate in first quarter 2015 and 0.2 percentage points lower than the rate in fourth quarter 2015.
The homeownership rate of 63.5 percent was 0.2 percentage points lower than the first quarter rate of 63.7 percent and 0.3 percentage points lower than the fourth quarter 2015 rate of 63.8 percent.
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Low Credit Scores May Dash Millennials’ Home-Buying Dreams
Nearly one-third of millennials hope to purchase a home within the next year, but more than 40 percent may not have the credit to do so, according to a new TransUnion survey.
TransUnion’s survey found that while 32 percent of millennials say they plan to buy a home within the next 12 months, 43 percent currently have a subprime credit score – defined as a score within the 300 – 600 VantageScore range.
Millennials surveyed recognized their finances will impact their ability to become homeowners. When asked their primary concerns about the home buying process, millennials said they are worried about having a low credit score (47 percent), not being able to fund a down payment (59 percent), and/or not qualifying for a low interest rate on a mortgage (56 percent), above all other concerns.
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В New First-time Home Buyer Vignettes Now Airing
C.A.R.’s
annual consumer advertising campaign launched last month on NBC with
two television commercials telling the long story of how a REALTORВ®
helped someone buy a home and close on their dreams of entrepreneurship
and finding the perfect riding companion.
As an added benefit of
working with NBC, C.A.R. also has access to its talent. This year,
C.A.R. is working with author, host, and REALTORВ® Egypt Sherrod on a
series of four, 30-second vignettes. Through the series, Sherrod shares
advice with home buyers that only a REALTORВ® knows.
Sherrod also
will be at CALIFORNIA REALTORВ® EXPO in Long Beach. More details about
her attendance will be available at a later date.
Visit C.A.R.’s YouTube channel to watch the vignettes and share them with your clients.В
California REALTORSВ® Vote to Support Affordable Housing Proposal
The Board of Directors of the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) voted last Friday to support a $1.3 billion proposal by California Assembly members to create affordable housing programs.“With a historically low homeownership rate of 54 percent and record high rental costs, the dream of owning a home in California is evaporating. Our teachers, nurses, firefighters, police officers, and other middle class workers should be able to afford to live in the communities they serve,” said C.A.R. President Pat “Ziggy” Zicarelli. “C.A.R. recognizes the urgency of California’s housing crisis and is fully supporting the proposal by the Assembly Housing and Community Development Committee to invest a portion of our state’s budget surplus to address this housing crisis.”C.A.R. formed an Affordable Workforce Housing Task Force in August 2015 to examine existing policies in California designed to expand the availability of “affordable housing” and to make recommendations to increase the availability of affordable work force housing in California.
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Fast Facts
Calif. median home price: March 2015:
- California: $483,280
- Calif. highest median home price by region/county: San Francisco, $1,360,580
- Calif. lowest median home price by region/county: Merced, $189,500
Calif. Pending Home Sales Index:В
Statewide pending home sales fell in March on an annual basis, with the Pending Home Sales Index (PHSI) decreasing 1.7 percent from 138 in March 2015 to 135.6 in March 2016, based on signed contracts.
Calif. Traditional Housing Affordability Index: Fourth Quarter 2015: 30 percent
Mortgage rates: Week ending 4/28/2016
(Source: Freddie Mac)
- 30-yr. fixed: 3.66% fees/points: 0.6%В
- 15-yr. fixed: 2.89% fees/points: 0.5%В
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