Housing News Roundup: July 29, 2015
Millennials Love Walkable Places
Given a choice between driving and walking, Millennials overwhelming choose a stroll outdoors, according to a new poll conducted by the National Association of Realtors and the Transportation Research and Education Center at Portland University. They were 12% more likely to prefer walking to driving, more than any other generation, a finding that could have broader implications on how neighborhoods are planned. Millennials prefer to live within walking distance of shops and restaurants, dense neighborhoods with attached housing, and shorter commutes. These preferences help explain Millennials’ interest in walkability as well as access to public transit.
Source: The Houston Chronicle
New Home Sales Disappoint
Projections for housing demand for the rest of 2015 are so weak that the Federal Reserve may hold off on beginning a much-anticipated interest rate tightening cycle that would raise rates, according to one independent real estate analyst. The Commerce Department reported new home sales fell 6.8 percent, to a seasonally adjusted annual rate of 482,000 units. Given that analysts expected the rate to grow 0.7% to 550,000 units, the report was a huge disappointment. Home prices have also been flat for the last 7 months. “Having rates at zero hasn’t done much if you take a look at the numbers, but having rates 200 basis points higher or 100 basis points higher would crush housing. I don’t think they can take that chance,” according to Mark Hanson, the founder of M Hanson Advisors.
Report: 8 Million Baby Boomers Need Charities to Stay Fed
Eight million Baby Boomers are going hungry and looking to charities to keep food on their tables, according to a new report from Feeding America. In a survey of 60,000 people, the non-profit network of food banks found that 62% of participants were Baby Boomers. The main challenges fueling the crisis were unemployment, housing shortages and poor health. About 67% of Boomers surveyed said they lived in a household with an annual income of less that $20,000, yet most of them are not yet eligible for federal programs such as Medicare or Social Security. “Our network serves 13 million older adults and we expect that number to rise…this is absolutely the right time to be taking a hard look at the data to determine the challenges our mature clients face,” said Feeding American President Matt Knott.
Source: The Guardian
An Affordable Future for 16 Families
To many, the 16-unit housing complex set to open this fall in Greensboro, N.C., is just another development. But to the 60 households that have already expressed interest in moving in, it represents the potential for a brighter future. Hope Court will target low-to-moderate income families, the disabled and the formerly homeless. Rent will be well below market value and renters will be able to take classes that will train them in the steps toward home ownership as well as provide them with job skills. The development’s location nearby employment centers, services and shops will provide residents with many opportunities.
Source: Fox 8, North Carolina