Congress and industry players like NAR, teamed up to put pressure on Department of Housing and Urban Development Secretary Ben Carson to finalize the rules regarding condos and Federal Housing Administration loan approval. Fifty-four Senators and 120 house members sent a letter to HUD to hurry along the finalization of the rules in H.R. 3700.
According to a report from ATTOM Data Solutions, housing affordability during the first quarter fell to its lowest point since the third quarter of 2008. Put simply, housing is more expensive right now than at any point since the financial crisis.
Home prices increased slightly in April, rising only 1% from March. Capital Economics says as interest rates continue to rise and mortgage lending stays tight, there will be a continual slowdown in annual price growth.