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News Clips, Thursday, January 22, 2015
(RECAP: One of the hottest debates among housing economists these days isn’t the trajectory of home sales, but whether millennials, those born in the 1980s and 1990s, want to remain urbanites or eventually relocate to the suburbs. Some demographers and economists argue that the preference of millennials, also called Generation Y, for city living will remain long lasting. And surveys of these young urban residents have tended to show that they don’t mind small living quarters as long as they have access to mass transit and are close to entertainment, dining and their workplaces. But a survey released Wednesday by the National Association of Home Builders, a trade group, suggested otherwise.)
Urban Institute , Wednesday, January 21, 2015
(RECAP: President Obama’s recent announcement that mortgage insurance premiums for FHA mortgages will decrease from 1.35 percent to 0.85 percent is welcome news for prospective FHA borrowers. This half-a-percentage-point reduction is particularly meaningful because it comes as mortgage rates are once again approaching record lows. The potential for cost savings and the resulting shift in borrower behavior could impact the mortgage market in four important ways in 2015.)
The Washington Post , Wednesday, January 21, 2015
(RECAP: Civil rights activists who came to the Supreme Court on Wednesday expecting a conservative assault on a decades-old law used to fight housing discrimination left wondering whether they had found an unlikely defender. Although liberals and conservatives on the court squared off as expected, Justice Antonin Scalia was a surprise. A stalwart of the conservative wing, Scalia asked tough questions of the lawyer representing the state of Texas, who asked the court to rule that the protections offered by the Fair Housing Act of 1968 are not as expansive as lower courts have found them to be.)
The Wall Street Journal , Wednesday, January 21, 2015
(RECAP: The pace of rental apartment construction will decline from the frantic pace of recent years to a level that is sustainable for the long term, panelists at the International Builders Show predicted on Monday. Multifamily unit starts jumped about 14% in 2014 to 352,000 from 309,000 in 2013, according to David Crowe, chief economist with the National Association of Home Builders. In 2015, he expects that number to edge up less than 2% to 358,000 unit starts.)
The Wall Street Journal , Tuesday, January 20, 2015
(RECAP: Federal Reserve Bank of St. Louis President James Bullard is eager to start raising interest rates in the months ahead because the underlying economy is looking stronger. Mr. Bullard, in an interview with The Wall Street Journal Monday, said recent declines in U.S. Treasury bond yields don’t dissuade him of this view. Nor do movements in the market for Treasury Inflation Protected Securities, where investors are demanding less compensation for future inflation.)
National Association of Home Builders , Tuesday, January 20, 2015
(RECAP: A strengthening labor market, low interest rates, improving mortgage availability and growing pent-up demand will help to significantly boost single-family housing production in the year ahead and move the housing recovery to higher ground, according to economists speaking at the International Builders’ Show in Las Vegas today.)
Henrico Citizen, Tuesday, January 20, 2015
(RECAP: A Senate committee on Monday killed a bill making it illegal for landlords to reject potential tenants based on their sexual orientation or gender identity. Senate Bill 917, sponsored by Sen. Jennifer Wexton, D-Leesburg, failed on a 7-7 tie vote in the Senate General Laws and Technology Committee.)
The Daily Progress , Tuesday, January 20, 2015
(RECAP: The Charlottesville City Council approved two resolutions Tuesday reaffirming a commitment to ending homelessness in the area. $150,000 will be granted to a statewide nonprofit agency and $105,000 to a local charity group to support short- and long-term housing solutions for the city’s homeless population. The additional funding will help accomplish the city’s goal of increasing the ratio of supported affordable units to 15 percent by 2025, as outlined in the city’s 2010 Affordable Housing Report. The ratio was estimated most recently to be at 10.29 percent, according to a Neighborhood Development Services housing report from April.)
USA Today , Monday, January 19, 2015
(RECAP: The showdown over the Fair Housing Act of 1968 has been anticipated for several years — eagerly by conservatives who say the law has gone too far, anxiously by civil rights groups who fear it will be rolled back. The facts of the case — involving a decision by Dallas officials to make most federal low-income housing vouchers available in poor, minority neighborhoods — are less important than the potential nationwide impact. If the court rules as expected, housing discrimination cases would be tougher to win from coast to coast.)
Richmond Times-Dispatch , Saturday, January 17, 2015
(RECAP: Chesterfield County’s recent decision to focus its community development spending in neighborhoods where school renovations are occurring is a smart example of coordinating efforts to amplify impact.)
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