Welcome to today’s edition of Real Estate news! In this update, we bring you the latest developments in the housing market. Discover the New Residential Construction Press Release, where you’ll find valuable insights into the industry. Additionally, learn about the inspiring efforts of LifeShare Network volunteers who are making a difference by helping construct affordable homes. Furthermore, explore the impact of recent changes on new home construction and the measures being taken to boost housing development in Binghamton. Dive into these stories and gain a deeper understanding of the current state of the real estate market.
New Residential Construction Press Release
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LifeShare Network volunteers Help Build Central Oklahoma Habitat Home | | normantranscript.com
A new infusion of work by LifeShare Network, Inc.’s finance department employee volunteers helped build part of Central Oklahoma Habitat for Humanity’s first home ever constructed at the affordable-housing development recently at Cornerstone Creek in far northwest Oklahoma City. The volunteers helped paint what’s known as “The Maxwell House,” so named after one of Habitat’s home-build sponsors, Maxwell Supply Company. The historic house is the construction-supply company’s seventh COHFH home-build sponsorship in 17 years and will be Habitat’s inaugural house in the new neighborhood. Located on NW 150th Street and N. Morgan Road, Cornerstone Creek will eventually feature 450 affordable and energy-efficient homes, three parks with exercise stations and walking trails for healthy living, plus a gazebo. Cornerstone Creek is also located in the Piedmont School District, rated in the top 10% of Oklahoma schools. The LifeShare Network, Inc. exists to save lives and inspire hope through organ and tissue donation. LifeShare Network Inc. Chief Financial Officer Martin J. Benoit said the nonprofit has “Team Building Days” designed to build camaraderie and teamwork as they help various local charities. “We strive to serve Oklahoma Communities,” Benoit said. “Central Oklahoma Habitat for Humanity provides lower costs for homeowners, so we understand the importance of volunteers to help keep those costs down.” LifeShare Network, Inc.’s Director of Finance Dena Burch said registered donors have the opportunity to save up to eight lives and enhance the lives of up to 75 people through organ, eye and tissue donations. “We feel it is really important to give back to others – that’s what we do through donation – so we’re out here helping Habitat and working to help enhance the lives of Oklahomans,” Burch said. To date, Habitat has built 1,100 homes in the greater Oklahoma City area and is one of Habitat for Humanity International’s top 10 affiliates. Applicants who wish to apply with the New Home Construction program must meet certain qualifications to be considered for the partnership program, including having a credit score of more than 600 and they must be able to get and make regular payments on an affordable mortgage. Applicants must also match the 2024 HUD annual income by family size guidelines for consideration.
New home construction falls to slowest pace since May 2020 | Economy | unionleader.com
Contractors work on a house under construction in Sacramento, California, US, on Monday, July 3, 2023. The Mortgage Bankers Association is scheduled to release mortgage applications figures on July 6. New-home construction in the US fell in July to the lowest level since the aftermath of the pandemic as builders respond to weak demand that’s keeping inventory levels high. Total housing starts decreased 6.8% to a 1.2 million annualized rate last month, dragged down the biggest decline in single-family units since April 2020, according to government data released Friday. A sizable decline in the South may have reflected the impact of Hurricane Beryl. The overall starts figure was lower than all estimates in a Bloomberg survey of economists. The new-home industry has lost some of its luster in recent months after a strong start to the year, as a combination of still-high mortgage rates and prices scare off many prospective buyers. That’s boosted inventory to its highest levels since 2008 and spurred builders to scale back on construction. Nonetheless, big builders like Lennar Corp. and PulteGroup Inc. especially have been able to win market share from their smaller counterparts – partly because they have access to cheaper capital – and have stoked sales by cutting prices and buying down customers’ mortgage rates. Confidence among US home builders slipped for the fourth straight month to its lowest point of the year in August as the industry eagerly awaits the Federal Reserve to start cutting interest rates. Expectations of that happening as soon as next month have already pushed fixed 30-year mortgage rates down to around 6.5%, their lowest levels since May 2023. However, traders are now dialing back bets of fast and steep rate cuts as data this week suggested the economy is far more resilient than markets have expected. Building permits, which point to future construction, decreased 4% to a 1.4 million annual rate. Applications to build single-family homes eased to the lowest since May 2023, while authorizations for multifamily projects fell more than 11%. Starts fell in three of four regions, including steep drops in the West and South, which dropped to the lowest level since May 2020. The Commerce Department’s report also showed the number of completed single-family units rose to the highest level in three months and remains well-above the pre-pandemic trend. The housing starts data are volatile, and the government report showed 90% confidence that the monthly change ranged from a 17.1% decline to a 3.5% gain.
Binghamton Moving to Cut Red Tape to Boost Housing Construction
The city of Binghamton may dramatically reduce parking requirements and make other zoning changes to encourage the building of more housing. Mayor Jared Kraham said he is proposing reforms to cut red tape and limit restrictions to encourage the development of residential projects. The mayor said the city is doing all it can obtain more state and federal support for things like low-income housing tax credits, subsidies, and grants to spur more residential development activity. Kraham said it’s also important for the city to remove regulations that may serve as barriers for new housing projects. The mayor is calling for the elimination of all parking requirements for affordable or senior housing projects. Another change would permit the city planning commission to waive up to 75 percent of the existing parking requirements for all types of developments. Kraham said that would make it less expensive to build new businesses and housing. The mayor said the proposed legislation also would reduce restrictions on townhouse and condo development. Kraham discussed the legislation for reporters on an empty city-owned lot on Dickinson Street. A two-family house once stood on the site until it was demolished in 1957. That’s when Philadelphia Sales acquired the property for a parking lot near its Clinton Street store. The city has owned the parcel for almost 25 years. The mayor said the site might be appropriate for the development of attached townhouses. He said the changes would make it easier for multiple townhouse developments to be on the same lot. The zoning reforms also would facilitate the subdivision of larger lots for housing. Any changes to the existing regulations must be approved by city council.