February 17th, 2020 5:28 AM by Eric Willner
Radio Show Notes 2/12/20 Wednesday – The Midweek Report Shines The Light on The 2nd Annual Policy Forum as Both The Real Estate Show and NAR Take On Affordability in Real Estate
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By Eric Willner, Host of The Real Estate Show, America’s longest running daily radio show about real estate
Today on The Real Estate Show, Radio Show Host, Eric Willner, discusses the topic of “Affordability”. The Midweek Report Shines the light on NAR’s 2nd Annual Policy Forum in Washington, and how both The Real Estate Show and NAR Take On Affordability in Real Estate. Below is a copy of NAR’s recent article and more from Eric Willner below.
WASHINGTON (February 6, 2020) – As home prices continue rising faster than wages in a majority of U.S. markets, the National Association of Realtors® and its 1.4 million members have made housing affordability a top advocacy priority in 2020. This topic was the focus of NAR’s second annual Policy Forum, hosted today at the National Press Club in Washington, D.C.
“As America confronts low housing inventory and a persistent lack of affordable housing options, NAR was grateful to bring together some of the brightest minds in our industry at today’s Policy Forum,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco. “With housing affordability set to be one of the defining policy issues of this decade, it is imperative for NAR – along with economists, lawmakers and other industry stakeholders – to lead discussions that will generate solutions to these far-reaching problems.”
Earlier this year, NAR Chief Economist Lawrence Yun released a report showing that major U.S. metro areas where housing affordability has worsened over the last five years have seen a corresponding drop in job growth. Specifically, housing affordability rankings have declined in 81 of 174 U.S. metro areas, while 34 regions are seeing job growth fall faster than the national average over the past five years.
“Job growth has slowed in these areas in part because limited supply is making homes less affordable,” Yun noted. “As inventory continues to decline and affordability worsens, workers and companies are less incentivized to do business here.”
Additional research conducted by Yun's team and announced on Thursday found that, from 1989 to 2019, 87% of home purchases in all major metro markets resulted in a positive housing equity gain for owners who held the property for 7–10 years.
While barriers inhibiting development remain, NAR has supported policies it believes could bring relief to the market. In response to HUD’s Request for Information on policies that “raise the costs of affordable housing and contribute to… low housing inventory,” NAR penned a letter(link is external) arguing for improved FHA underwriting criteria that is more equitable for first-time homebuyers; incentivization of “Yes in My Backyard” markets to encourage states and localities receiving federal dollars to reform high-density zoning; and for additional Community Development Block Grants that encourage localities to update development plans and address barriers to housing affordability.
Separate NAR research unveiled on Thursday projects that $220 to $400 billion would be added to the economy if the pace of homebuilding and for-sale housing activity re-turned to a more normalized level, translating to 0.25% to 0.50% in added annual GDP growth over the next four years. NAR unveiled separate reports examining zoning, Accessory Dwelling Units and, most notably, a White Paper reiterating the case for homeownership while calling on Congress to restore homeownership incentives in the U.S. tax code.
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Want to know more? If you are serious about real estate and paying off debt, then find out more on today and every day’s episodes and learn more about Real Estate Investing and learn HOW TO by listening to The Real Estate Show with Eric Willner , Live every weekday evening at 8 o’clock (EST) on Florida’s Money Talk Radio stations WWNN AM1470, FM 95.3 FM 96.9, and FM 103.9. You can also hear us on the free apps: iHeart Radio and TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share this and our Facebook updates.
Eric Willner is the Host and Founder of The Real Estate Show, an informative show about how to buy, own, and improve real estate the right way, on autopilot. - The Automatic Landlord way. (AutomaticLandlord.com) You can reach Eric Willner at Eric@Ericwillner.com or 888-595-7779.
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