Page 49 - Region 5 NAR Update

• NARresearchalsoshowedthat$220-$400Billionwouldbe added to the economy if the pace of homebuilding and for-sale housing activity returned to a normalized level.
• Earlierthisyear,NARChiefEconomistLawrenceYunreleaseda report showing that U.S. metro areas where housing affordability has worsened have seen a corresponding decline in job growth.
• Yun'steamalsofoundthat–overthepast30years–87%of home purchases in major markets resulted in a positive housing equity gain for owners who held the property for 7–10 years.
• However,whilebarriersinhibitingdevelopmentremain,NARhas supported policies that it believes could bring relief to the market.
• HUDalsorecentlycollectedcommentsfromindustryleaderson regulatory reforms that can promote affordable housing.
• NARwrotetheDepartmentarguingfor: o Improved FHA underwriting criteria
o Incentivization of “Yes-in-My-Backyard” markets
o And for additional Community Development Block Grants
that encourage localities to address barriers to affordability.
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