Housing News Roundup: February 3, 2015
Government Pushes Back Deadline to End Chronic Homelessness by One Year
The federal government is pushing its self-imposed deadline to end all chronic homelessness by one year, to the beginning of 2017, while keeping its goal of ending veteran homelessness by the end of this year. And estimated tens of thousands of people are classified as chronically homeless in the country.
Source: ABC News
New White House Budget Includes $4B Increase for HUD in FY2016
The White House’s proposed budget for fiscal year 2016 includes $49.3 billion in funding for the U.S. Department of Housing and Urban Development (HUD), an increase of more than $4 billion over fiscal year 2015. Highlights of the HUD funding include the expansion of rental insurance vouchers, an increase in assistance for families vulnerable to homelessness and investments in high-poverty neighborhoods.
Source: Housing Wire
Deutsche Bank: Housing Recovery Inching Closer
New analysis from Deutsche Bank indicates that the U.S. housing market may finally be returning to previous form following the housing bubble burst of the past decade. Among the positive indicators are millennials reaching the age where people traditionally purchase a first home, as well as drop in the number of foreclosures and vacancies.
Source: Business Insider
One Man’s 21-Mile Commute Illustrates the Importance of Public Transit
Detroit’s repeated pushes against expanding its suburban transit system have contributed to one man walking 21 miles every day for about a decade, all for a $10.55-an-hour factory job. James Robertson’s story was met with thousands of dollars in donations from members of his community. However, it also illustrates how thousands of area residents don’t have adequate access to employment, while employers are unable to connect with potential employees.
Source: City Lab
Study: New Analysis of the Housing Bubble Burst Refutes Popular Wisdom
A recent study from the National Bureau of Economic Research has identified three conclusions about the causes of the 2008-2009 financial crisis and Great Recession — conclusions which refute the popular wisdom and offer new insight into the housing bubble burst. First, mortgage lenders targeted people with higher incomes, not just the poor. Second, the problem of borrow debt wasn’t that individuals had an increasing amount of debt, but that more people overall were borrowing. Third, middle-class and high-income borrowers accounted for the majority of mortgage lending and losses.
Source: Washington Post