Section 215(b) of the National Affordable Housing Act (NAHA) requires that the initial purchase price or after-rehabilitation value of homeownership units assisted with HOME funds not exceed 95 percent of the area median purchase price for single family housing, as determined by HUD. Families displaced from foreclosed properties, growing populations, potential buyers refraining from purchasing until home prices stabilize, difficulties in obtaining financing, and widespread job losses all contributed to make renting a very attractive option for large segments of the population.
As has been the case in recent years, those residing in the Western United States are most likely to expect home prices to go up. Many of the markets with the fastest-rising home prices are in the West, including in California, Nevada, Utah and Washington state.
If you are selling a home for sale by owner and were not planning on meeting with an appraiser or real estate agent to help you determine the accurate market value because you thought the Zillow estimate was good enough, hopefully, this has been an eye opener.
Since 60 percent of the property wealth in homeowners’ primary household is concentrated in the top 20 percent of householdsâ€”and more than 80 percent of the wealth is held by white householdsâ€”it stands to reason, Bivens says, that the ones who stand to make the most from Airbnb are already the wealthiest, and the whitest.
C.A.R. President Vince Malta believes the gap between buyer and seller expectations has slowed the market because sellers still hoped to obtain the highest home value price possible in 2006 while buyers’ sense of urgency wanned as they had more choices on the market.