AGP Executive Report

Housing Affordability: Lafayette Parish wages slightly outpaced home prices in the third quarter, but buying still costs more than the area’s long-term norm. Homeowners insurance now exceeds property taxes in roughly two-thirds of U.S. counties. Federal Policy: President Trump signed an order aimed at lowering housing costs, including mortgage-insurance and refinancing expenses and costs tied to manufactured homes. Market Signals: Pending home sales hit a record low, while builder confidence fell to a 14-year low, underscoring the strain of high costs and borrowing rates. Housing Supply: Omaha is among 14 cities selected for a Bloomberg program to spur construction, including backyard “granny flats”; a $36 million affordable-housing project also broke ground in Youngstown. Construction Investment: Audi plans a $4.2 billion SUV plant near Macon, Georgia, with about 4,500 jobs; construction is expected to begin in 2027 and production in the early 2030s.

Federal Housing Policy: President Trump signed an order aimed at lowering housing costs, including steps on mortgage-insurance and refinancing costs and support for manufactured homes. A separate rule change could make manufactured housing cheaper. Affordability: Home affordability worsened in 98% of U.S. counties in the third quarter, while pending sales sank to a new low. Property taxes outpaced home values in 46 metros, with Florida showing the widest gaps. Building More Homes: Omaha is among 14 cities tapped for a Bloomberg housing program that includes promoting “granny flats,” and a $36 million affordable-housing project has begun in Youngstown. Redevelopment: East Cleveland’s historic, 95-acre Nela Park campus is on the market, offering a potential investment opportunity for the cash-strapped city. Co-op Owners: New York City may pay $60 million after co-op owners were unexpectedly converted into renters.

Affordable Housing: A $36 million project in Youngstown has broken ground on 120 apartments for families earning up to 60% of local median income, with rents to remain affordable for at least 30 years. Housing Policy: President Trump signed an order aimed at reducing housing costs, while a federal rule change could help manufactured homes expand into more affordable, multi-family options—if states update restrictive regulations. Market Strain: Home affordability worsened across 98% of U.S. counties in the third quarter, pending sales hit a new low, and home insurance now costs more than property taxes in most counties. Rental Pressure: Rents rose in St. Louis and Minneapolis even as national rents edged down, hinting that some traditionally affordable markets are losing ground.

Housing Costs: President Trump signed an executive order directing agencies to reduce mortgage and title-insurance costs and support manufactured housing. Treasury also proposed restricting large investors from buying single-family homes. Market Slowdown: U.S. pending home sales fell to a record low, with 281,749 homes under contract in the four weeks through Oct. 18—down 14.4% from a year earlier—as mortgage rates topped 7%. Development Pushback: Data center projects face growing resistance: California communities are advancing moratoriums and bans, while an Ohio poll found 55% oppose new construction and 65% oppose tax breaks. Real Estate Finance: The SEC told a Florida court it wants to settle a $152 million investor-fraud suit against a REIT and its founders; Elme Communities also said the NYSE suspended trading in its shares ahead of an expected move to OTC trading.

Federal Housing Policy: President Trump signed an order aimed at lowering homeownership costs, including streamlining mortgage-insurance cancellation and promoting factory-built housing. Mortgage Access: A newly introduced bill would let HUD insure loans for some first-time buyers earning below 160% of area median income; it still needs congressional approval. Market Pressures: U.S. home sales remain stalled as mortgage rates top 7%, while builders’ confidence has fallen to its lowest level since 2012. Real Estate Finance: Northwind Group closed a $1 billion debt fund, backing projects from construction loans to office-to-residential conversions. Local Housing: Federal funding announced for Selma includes $500,000 to help build weather-resilient homes.

Housing Costs: President Trump signed an order directing a pilot to end mortgage-insurance premiums for some borrowers who meet equity thresholds, make a title-insurance waiver permanent for certain refinancings and explore lower USDA and VA loan rates. Market Squeeze: The 30-year mortgage rate dipped to 7.26% but stayed above 7%, as high prices and limited inventory weigh on buyers. Homeowners also face $16,566 a year on average for maintenance, insurance and property taxes—nearly one-third more than five years ago. Brokerage Battle: Six multiple-listing services sued Compass in a widening dispute over the brokerage’s private listings. Rent Regulation: A federal court temporarily blocked enforcement of New York’s algorithmic rent-setting law. Affordable Housing: USDA awarded North Carolina $600,000 to help repair homes for 55 rural households, while national builder confidence has fallen to its lowest level in 14 years.

Housing Slowdown: Pending home sales fell 7.3% in September from August and 11.3% year over year, as mortgage rates above 7% squeezed buyers. Yet buyers are gaining negotiating power in many markets; a $2,000 monthly payment budget now buys about $22,000 less home than when rates were lower. Attainable Housing: Traverse City approved a district offering property-tax relief to owners who rent homes below market rates, with 15 certificates available in the first year. Data Center Pushback: A national poll found about two-thirds of Americans oppose building more data centers, adding public resistance to a fast-growing source of development. Office Market: U.S. office vacancy dipped to 17.7% in the third quarter, while tenants absorbed 9.5 million square feet—signs of a gradual, uneven recovery.

Housing Slump: September housing starts fell 5.2% from August and 7.4% year over year, while permits and pending sales also dropped. Mortgage rates near 7.4% and builder confidence at a 14-year low are weighing on buyers and construction. Affordable Housing: A $51 million project will turn Worcester’s historic Boys Club into affordable senior housing. Development Pressure: AI data-center plans are prompting lawsuits and local opposition in Kansas, even as demand for data infrastructure reshapes industrial construction.

Housing Slowdown: September brought a sharp setback: pending home sales fell 7.3% to a record low, housing starts dropped 5.2%, and builder confidence hit a 14-year low. High mortgage rates are weighing on construction, while builders offer price cuts and incentives to attract buyers. Affordable Supply: A federal law removing the requirement that manufactured homes sit on permanent steel frames could make them cheaper and easier to build as multifamily housing. But about 30 states may need to update their rules to unlock that potential. Data Center Pressure: The estimated $10 trillion data-center boom is intensifying competition for power, water and land, with some communities worried projects could push up utility costs and crowd out housing. Household Costs: Home insurance now exceeds property taxes as a housing cost burden for some U.S. households, adding to affordability pressures.

Housing Slowdown: U.S. pending home sales fell 7.3% in September to a record-low index of 66 as 30-year mortgage rates reached 7.4%. Single-family starts dropped 4.6%, permits hit a 3½-year low, and builder sentiment sank to its weakest level since 2012. Brokerage Rules: Compass sued California’s largest multiple listing service, alleging its restrictions limit homeowners’ marketing options and penalize agents. Rental Housing: Joplin’s rental-assistance program faces a shortage of landlords willing to accept voucher holders, limiting the reach of aid. Student Housing: A surge in new construction is leaving some college towns with empty beds: recently delivered properties averaged 84.1% occupancy in September, down from 95.3% for last year’s new projects.

Market Conditions: U.S. homebuilder sentiment fell to its lowest level in 14 years, signaling continued strain in the housing market. Housing Supply: In San Diego, Manchester Financial says its redevelopment of former Navy land will include housing and could add thousands of homes, though a proposed data center has stirred local concern. Rental Housing: Nearly 40% of U.S. households earning rental income are headed by someone 65 or older, raising questions about who will manage millions of family-owned properties as they pass to heirs. Tenant Protections: A judge rejected Yardi’s request for summary judgment in a rent-price-fixing case, keeping the lawsuit alive. Affordable Homes: Eugene plans to convert a former community-college building into mixed-income housing, while a new initiative aims to take successful housing programs to more cities.

Homebuilding Slump: U.S. builder confidence fell to 29 in October, its lowest since 2012, as mortgage rates climbed to 7.4% and labor and material costs rose. Forty-three percent of builders cut prices, by an average of 6%, to attract buyers. Affordable Housing: Eugene has begun a $38.3 million redevelopment of a vacant downtown college building into 133 mixed-income homes. Sixty-eight units will be affordable to income-qualified households, and 10 are reserved for domestic-violence survivors. Data Center Development: Texas regulators continued processing data center permits despite Gov. Greg Abbott’s call for a pause, with 35 permitting actions identified since his directive. Homelessness Services: A new, smaller day shelter opened in San Diego’s East Village, replacing a longtime center and adding showers to its services.

Homeownership Costs: Home improvement projects now cost 76% more than in 2015, squeezing owners who are staying put to keep older, cheaper mortgages. Pennsylvania’s Whole Home Repairs program helped more than 4,000 homeowners, but its funding has lapsed, leaving nonprofits without help to offer callers. Affordable Housing: New Orleans housing leader Terri North says higher rates and inflation have made affordable projects harder to finance. Her group is preparing to break ground on the $111 million Rivana Apartments, expected to open in 2028. Data-Center Development: The AI construction boom is meeting growing obstacles: at least 47 U.S. data-center projects have been delayed, withdrawn or halted this year amid financing strains, power constraints and local opposition. Market Conditions: U.S. home sellers outnumbered buyers by a record 63% in September, while pending sales neared a 12-year low—signs that affordability and high borrowing costs continue to weigh on activity.

Washington Redevelopment: President Trump says East Potomac Golf Links will close Nov. 15 for a 15-month renovation, despite a court order pausing work after tree removal began. Housing Supply: Ukiah is asking residents where to put 1,500 required homes in a five-square-mile city, nearly half of it in high fire-danger zones; its appeal to lower the target was rejected. In Slidell, a zoning panel is weighing a 160-home subdivision on former soccer fields amid local resistance to new development. Market Signals: U.S. home sellers outnumbered buyers by a record 63% in September, while pending sales neared a 12-year low. Florida’s insurance crisis is also squeezing homeowners and renters.

Data Center Development: Michigan’s debate over large server farms is sharpening, with experts citing environmental concerns and local-control questions; they say the projects have not yet pushed up electricity rates. Housing Market: U.S. pending home sales are near a 12-year low, while mortgage rates remain near a three-year high, adding pressure to an already sluggish market. Florida’s insurance crisis is squeezing both homeowners and renters. Affordable Housing: Asheville is advancing 135 affordable homes and a $6 million housing-aid plan. In Garner, 176 affordable units nearly filled within 90 days, while Pittsburgh is set to receive Bloomberg funding to expand its housing supply. Construction Costs: Prices for nonresidential construction inputs rose 2.2% in September, another cost pressure for builders and project budgets.

Insurance and Affordability: Florida’s insurance crisis is squeezing both sides of the market: some homeowners say rising premiums and taxes make it too costly to stay, while renters face higher costs as landlords pass on insurance bills. Mortgage Pressure: U.S. mortgage rates remained near a three-year high in October as inflation added to the cost of buying and building. New Housing: Garner opened 176 affordable homes that nearly filled within 90 days, while Asheville advanced plans for 135 affordable homes and $6 million in housing aid. Supply Challenges: A housing shortage is making it harder for employers to hire, strengthening pressure on communities to add homes.