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New home sales were UP in August from July and above the seasonal norm. Lower rates, even in the 6’s, spawns buyers. (John Burns)
Donald Trump says, if elected, he plans to cut the cost of a new home “in half” by slashing regulations so “young people can buy a home again.”
Many cumbersome building regulations are at the local level but it’s estimated that 30% of the cost of a new home is regulatory costs.
The typical homebuyer’s down payment was 18 percent of the purchase price in June, the highest level in over a decade and up from 15 percent a year earlier.
Remember that extreme controversy bill that would allow illegal immigrants to be eligible for down payment assistance programs up to $150,000 in California? Governor Newsom vetoed the bill.
The average American spends over $330,000 on rent before becoming a homeowner. (Fortune)
