Rates for home loans jumped to a six-week high as bonds sold off in the wake of hawkish comments from the central bank and expectations for tax reform, mortgage provider Freddie Mac said Thursday.
The Wall Street Journal
Share of rent-burdened households declines in possible reversal of trend
After the housing crisis, the share of renters who spent so much on housing that they couldn't afford food, medical care, clothing or other necessities soared to record levels. (Subscription may be required.)
Rising interest rates and rising home prices are cutting into mortgage demand, as fewer consumers have the incentive to refinance or buy a home.
Millennials contributed $514 billion to the housing market over the past year and became the largest group of U.S. homebuyers, real estate site Zillow reports. Still, they lag behind where previous generations were at their age.
Homes across the country became even less affordable over the summer as the housing crunch pushed "refugees" from high-priced metro areas into communities previously sheltered from the competition of coastal markets, according to data released Thursday.
The Republican tax plan is still in its formative stages with key details unknown, but many economists believe the proposal will put added pressure on the Federal Reserve to raise short-term interest rates.
The New York Times
U.S. lost 33,000 jobs in September; Unemployment rate dips to 4.2%
The Labor Department released its official hiring and unemployment figures for September on Friday morning, providing the latest snapshot of the American economy.
The New York Times
How two sentences in tax plan may help unleash $1 billion in lobbying
The sweeping tax rewrite unveiled by President Trump and Republican lawmakers this past week leaves many of the details to Congress, but two sentences in the nine-page framework have Washington lobbyists salivating over a payday that some industry experts predict could top $1 billion.
The trade group representing U.S. homebuilders has abandoned its demand that a new version of the tax code include a mortgage interest deduction, signaling on Tuesday that it would consider alternatives to boost home ownership.
Home builders soften stance on mortgage interest deduction
The National Association of Home Builders is backing off of long held support for the mortgage interest deduction in hopes that the Trump administration can deliver on its promise of lower taxes. (Subscription may be required.)
TThe National Association of Home Builders changed its stance on one of the most highly debated homeownership conversations: the importance of the mortgage interest tax deduction.
The power of the real estate and home building industries is being put to the test in a fight with Republicans over a key tax break for homebuyers — the mortgage interest deduction.
Kevin Brady: GOP really will ax state and local deduction
The House of Representatives' top tax writer pushed back Wednesday against suggestions that the GOP might not fully repeal the state and local tax deduction in its quest to lower tax rates in tax reform.
CBS Sunday Morning
A new blueprint for America's construction trades
It's been a month since Hurricane Harvey devastated the of Houston and Southeast Texas. Damage estimates go up to $190 billion. The cleanup has begun, but a major shortage is looming for the rebuilding effort. It's not a lack of will, or money; it's a lack of skilled labor ... a national shortage that's reaching a crisis stage.
The Washington Post
Companies can't find workers to rebuild after Harvey and Irma
After Hurricane Irma pounded the Florida Keys, flooding waterfront homes and shredding docks, Brett Ekblom's phone kept ringing with homeowners desperate to rebuild — and fast.
Federal Housing Finance Agency Director Mel Watt once again pressed Congress on the urgent need for housing finance reform due to the looming deadline of the government-sponsored enterprises' capital buffer timeline.
You can crowdfund your business, your charity, your product, your vacation — and now you can crowdfund your home.
Atlanta Business Chronicle
Women are building career momentum in Atlanta's residential construction industry
In addition to building homes, women are building career momentum in Atlanta's residential construction industry. While the industry has always been male-dominated, women are starting to take more leadership positions, which is good for business, according to some women in the industry. (Subscription may be required.)
How to remodel your home
Jason and Carrie Kelroy of Wauwatosa, Wis., loved their 2,200-square-foot, 1930s-era colonial, and they loved their neighborhood, where they could walk to schools, their church and a coffee shop, or drive to a Milwaukee Brewers game or to Summerfest on the lakefront in 20 minutes. But with three kids and two big dogs, the space felt tight. "So we thought, Let's make it work for the long run," says Carrie.
In the San Fernando Valley, there are plans to level a nearly vacant mall and replace it with some 1,400 homes, boutique retail shops and a concert venue.
The Wall Street Journal
California will charge new fees on real-estate deals to pay for affordable housing
California will enact new fees on real-estate transactions and ask voters to approve a $4 billion bond measure on next year's ballot, among other measures aimed at creating more affordable housing. (Subscription may be required.)