Real Estate News 11/22/2024

Today’s News Synopsis:

Experts say affordable housing must come in many forms. But early signs show backyard homes—a win for landowners and renters alike—could be a crucial one.

In The News:

Yahoo Finance – “The ADU Boom Has Begun. Is It Adding the Housing We Need?“ (11-22-24)

“Mark Hogan is a principal of OpenScope, an architecture firm that wrote the ADU handbook for the city of San Francisco: “There’s been all this huge growth in high-wage jobs here in the last 10 years and the city just stopped building enough housing in general, which has driven up the cost of housing and construction and everything else, so it kind of becomes a self-perpetuating cycle,” he says.”

Redfin – “Moved By Fear: 18% of Home Hunters Say Safety/Crime is a Reason They’re Moving, 14% Cite Climate Risks“ (11-20-2024)

“17.5% of respondents who plan to move in the next year cited a concern for safety/crime as one of the reasons why, while 13.7% cited a concern for natural disasters or climate risks.”

NAR –  “Existing-Home Sales Grew 3.4% in October; First Year-Over-Year Gain Since July 2021” (11-19-2024)

“Existing-home sales rose in October, according to the National Association of REALTORS®. Sales improved in all four major U.S. regions. Year-over-year, sales elevated in three regions but were unchanged in the Northeast.”

CNBC –  “Home sales surged in October, just before mortgage rates jumped” (11-20-24)

“Sales of previously owned homes last month rose 3.4% from September to a seasonally adjusted, annualized rate of 3.96 million units, according to the National Association of Realtors.”

MPA Mag –  “FHFA announces increase to multifamily loan caps for 2025” (11-21-24)

“The Federal Housing Administration (FHA) has proposed new guidelines that could allow borrowers to qualify for FHA-insured mortgages using rental income from individuals living in their homes.”