Harvard Report: U.S. Housing Recovery Losing Momentum
"The fledgling U.S. housing recovery lost momentum last year as homeownership rates continued to fall, single-family construction remained near historic lows, and existing home sales cooled, concludes The State of the Nation’s Housing report released today by the Joint Center for Housing Studies of Harvard University."
"In contrast, rental markets continued to grow, fueled by another large increase in the number of renter households. However, with rents rising and incomes well below pre-recession levels, the U.S. is also seeing record numbers of cost-burdened renters, including more renter households higher up the income scale."
The Joint Center for Housing Studies announced the study with a press release [pdf] and a website hosting the report and several access points into the data collected in the report.
Among the key facts [pdf] found in the report:
- Homeownership rates are at 20-year lows.
- There has been record growth in rental demand.
- Rentals of single-family homes are growing quickly.
- "Historically low vacancy rates are driving up rents."
- Affordability and negative equity are having disparate impacts on low-income and minority households.
- Supply of affordable housing is falling short of demand.