Real Estate News 08/09/2024

Today’s News Synopsis:

The U.S. Department of Housing and Urban Development (HUD) announced a set of policy changes on Thursday that aim to increase accessibility to housing vouchers for veterans experiencing homelessness.

In The News:

Fox5 San Diego– “HUD revises eligibility rules to expand veteran housing assistance access“ (08-08-24)

“The new rules came amid renewed pushes in Congress to lower these income-related barriers for veterans to determine eligibility for aid through the HUD-VASH program — a resource that helps disperse Housing Choice Voucher rental assistance, also known as Section 8 vouchers, to former servicemembers.”

Redfin –  “Mortgage Rates Drop to Lowest Level in Over a Year, Prompting Some House Hunters to Ramp Up Touring” (08-08-2024)

“A soft jobs report and recession jitters sent mortgage rates down last week. Despite the small improvement in affordability, pending sales still posted their biggest year-over-year decline in 9 months–but the rate drop prompted some prospective buyers to start the house-hunting process.”

Forbes –  “Miami Buyers Welcoming Freedom Of Choice To Rent” (08-08-24)

“Miami is a prime vacation target for tens of millions of domestic and international travelers annually, many of them jetsetters. So the demand for condominiums available on a short-term rental basis continues to grow. Along with that growth comes a steadily increasing supply of luxury properties that offer great locations, upscale finishes and complete amenity collections, and give buyers flexibility to live there or rent out.”

Yahoo Finance – “Mortgage rates drop to lowest level since early February after Fed hints at potential rate cut” (08-02-2023)

“Mortgage rates dropped to their lowest level since early February after the Federal Reserve set the stage for a September interest rate cut.”