Ohio is the sixth new state the New York-based Power Buyer has added this year, giving it a presence in 13 states.

In an effort to remedy America’s great housing shortage, the Department of Housing and Urban Development is launching a new initiative called “Our Way Home” that aims to boost the supply of affordable homes by taking action at a local level.

The idea is to help local communities add more affordable housing while preserving their character, the HUD said. It has proposed a number of ways to do this, including advocating for zoning changes and holding roundtables to discuss possible solutions with local and state-level leaders.

The launch of the program follows a report by the National Association of Realtors last year that found the U.S. has a housing shortfall of approximately 5.5 million homes. The NAR said this housing gap is so large that it will take over a decade to reduce it, even if immediate action is taken. Adding to the problem is the current market conditions, where record-high home prices and low inventory levels is making homeownership virtually unobtainable for many Americans. That’s especially true for minority groups and first-time buyers.

Under the plan, the HUD will take a number of measures to boost the supply of affordable rentals and homes to buy. For instance, it will use federal transportation funds to provide an incentive for local jurisdictions to reduce restrictive zoning laws. It will also support initiatives such as manufactured housing projects, accessory dwelling units and small-scale developments. Further, the plan involves streamlining federal financing and funding sources to lower construction costs and accelerate development.

The HUD said it will bring this plan to life by convening roundtables, listening sessions and peer learning opportunities to connect communities and highlight success stories in communities that have managed to boost affordable housing.

RElumio is available through partnerships with MLSs and Realtor associations, designed to make it easy for agents to share marketing materials.

If the price of lumber is a leading indicator, the cost of new home construction might be coming down. Or at least seeing some relief from rising costs. Lumber prices have fallen 47% year to date. But that isn’t the big news. The bigger news is that prices are down 65% from a 2021 record high of $1,733 per thousand board feet. In late May, lumber price futures stood at $651 per thousand board feet.

That is particularly good news at a time when home affordability is the primary challenge to homeownership. Volatile swings in lumber prices over the past year alone have pushed the average price of a new single-family home up more than $18,600, according to the National Association of Homebuilders. At this time, when interest rates of around 5% have become the main obstacle to home ownership, lower lumber prices should help ease inflationary pressures in the housing market.

Better yet, lumber prices are expected to go lower according to experts. A backlog of orders remains and there are still supply chain issues propping up lumber prices. But when these issues are resolved, strong demand for new houses will keep the bottom from falling out of the lumber market. Towards late summer and going into the fall, lumber prices are expected to move lower and stabilize at between $450 to $600 per thousand board feet.

It all comes down to supply and demand. Over the past two years or more, the supply of lumber took multiple major hits. The main four were COVID work stoppages, flooding in lumber-producing British Columbia, a bad wildfire season in the Pacific Northwest, and an overstrained transportation system. The low supply was exasperated by the high demand. The high demand for new housing has been well known for several years. Low-interest rates also brought an avalanche of refinancing activity with high demand for remodeling materials. It was a perfect storm to run up lumber costs.

Rising interest rates are now taking a toll on the demand for lumber. Recent headlines show a slow but steady decline of buyers in the housing market as higher interest adds to the affordability problem. Higher interest also means the refinancing activity has dropped substantially which means much less home remodeling. Now, the fear of a recession slowing the economy is becoming dominant news. It all adds up to a significant decline in demand for lumber while the supply is on the upswing.

An 1846 house in Dover, a two-bedroom condominium unit in Woodstock and a 1923 bungalow in Durham.

For more than a decade, the historic city has been a refuge for those who want more real estate for their money, along with lower property taxes.

There's more than one online resource to help your clients research local school systems. Taking a broader view of school ratings and the methodologies they use to arrive at their conclusions can elevate thousands of schools nationwide that are unfairly underrated by today’s dominant system.

Rising interest rates are beginning to make an impact on the housing market in Canada’s biggest city, with sales slowing and prices dipping.

As Realtors, we are responsible for ensuring that our actions do not unintentionally discriminate against any individual or group. Unfortunately, unintentional discrimination can be challenging to identify and even more difficult to avoid.

For more than a decade, this historic city has been a refuge for those who want more real estate for their money, along with lower property taxes.

An “All-In-One-Mortgage” combines a bank account, a mortgage, and an equity line of credit (the equivalent of a HELOC) into a single product that accomplishes each of these goals. Author and consultant Bernice Ross discusses its potential for homeowners and investors.

This week, we're wondering: What's the wackiest thing you've had to do to get a deal done? Let us know in this week's Pulse.

Any time you spend preparing your teams to handle fair housing questions will save you time, money and reputation in the long run. Agent Joel Lock provides strategies that allow you to go above and beyond so that the fair housing message truly sinks in with agents.

In multibillion-dollar projects around the nation, Black builders are investing in neighborhoods through commitments to inclusion, affordable housing and diversity hiring.

RE/MAX Holdings has chosen hospitality mogul Annita M. Menogan to become its first-ever Black female board member, according to an announcement on Tuesday. Menogan will serve alongside ten other members including founder Dave Liniger, interim CEO Steve Joyce and Teresa Van De Bogart, who shareholders also re-elected on Tuesday.

Although 76 percent said it was a good time to sell, rising mortgage rates are likely to make some would-be sellers reluctant to give up their existing mortgage.

The market is softening and it's reflected in quarterly declines. Fewer transactions mean less brokerage revenue.

Seven months after joining Brown Harris Stevens, real estate agent and TikTok phenom Madison Sutton has jumped ship to SERHANT. Sutton and her five-person team will operate under broker Sean McPeak, who also found early success at BHS and Halstead.

Christopher Totaro will now lead the company's Tribeca office. Totaro's elevation comes about eight months after Coldwell Banker acquired Warburg Realty.

More than 100 housing experts surveyed by Zillow generally agreed that housing prices won't face a big downturn. But a mild recession may be in play later this year or in 2023, they believe.