An Investigation into the Housing Market Essay

Within each service area there is a host of many options available. Specifically, under the Public and Indian Housing is the Housing Choice Voucher Program, commonly referred to as Section 8 Housing. Section 8 is the federal government's major program for access to very low-income families, the elderly, and the disabled to afford suitable, safe, and sanitary housing in the private market. Housing choice vouchers are administered by the local public housing agencies (PHAs). The

The housing crisis of the late 2000s rocked the economy and changed the landscape of the real estate business for years to come. Decades of people purchasing houses unfordable houses and properties with lenient loans policies led to a collective housing bubble. When the banking system faltered and the economy wilted, interest rates were raised, mortgages increased, and people lost their jobs amidst the chaos. This all culminated in tens of thousands of American losing their houses to foreclosures and short sales, as they could no longer afford the mortgage payments on their homes. The United States entered a recession and homeownership no longer appeared to be a feasible goal as many questioned whether the country could continue to support a middle-class. Former home owners became renters and in some cases homeless as the American Dream was delayed with no foreseeable return. While the future of the economy looked bleak, conditions gradually improved. American citizens regained their jobs, the United States government bailed out the banking industry, and regulations were put in place to deter such events as the mortgage crash from ever taking place again. The path to homeowner ship has been forever altered, as loans in general are now more difficult to acquire and can be accompanied by a substantial down payment.

The expectancy for homeownership was predicated to rise up this year, but instead was at its lowest rate it has ever been since Census Bureau began tracking in 1965. In the second quarter, the rate was at 62.9%, a .5% drop from last year’s second quarter.

America is seen as the land of opportunity in that there are endless possibilities for an individual. In this land of opportunity, Americans strive to obtain the ideal known as the American dream. The American Dream is seen as the accomplishment of an ambition achieved while challenged by adversity.1 Americans often associate this success with the ownership of a home. The home is not simply a place of basic protection; there is a much deeper connection to the individual. Ownership of a home grants freedom and security that establishes a sense permanency for the individual. In contrast, renting a living space possesses a semblance of instability and dependence.2 The desire to improve ones’ position in life inspires one to

Article 25 of the Universal Declaration of Human Rights asserts that housing is a fundamental component to a decent standard of living, yet few city governments--even in the most developed economies--have proven themselves capable of ensuring such a basic right to their constituents (United Nations, General Assembly). Ranked 49th among the 50 U.S. states for its number of housing units per capita, California has notoriously struggled with chronic shortages in its urban housing market. With 118,142 homeless people recorded in 2016, California holds almost 22% of the nation’s homeless population (Fact Sheet: Homelessness in California 1).

The United States will always recall autumn of 2008 as a time of financial terror, and rightly so. After the stock market crash, millions of Americans, previously unaware of the brewing crisis, lost their businesses, their jobs, and their homes. Even now, we still are in a period of recovery from the economic turmoil of that year.

Affordable housing in the United States describes sheltering units with well-adjusted housing costs for those living on an average, median income. The phrase usually implies to applied rental or purchaser housing within the financial means of lower-income ranges specific to the demographics of any given area. However, affordable housing does not include those living in social housing owned by government and non-profit organizations. More specifically, the targeted range for housing affordability sets below 30 percent of a household's annual income, including all applicable taxes, utility costs and home owners insurance rates. If the mean income per household breaches the 30 percent mark, then the agreed status becomes labeled as

In 2007, the U.S. fell into a deep financial recession. One of the main causes of this was the bursting of the housing bubble, which lead to a housing crisis. What is a housing bubble? A housing bubble is defined as “a temporary condition caused by unjustified speculation in the housing market that leads to a rapid increase in real estate prices” (businessdictionary.com 2014). When the bubble bursts, the result is a quick decline in home prices (businessdictionary.com 2014).

Macroeconomics is an excellent tool for the analysis of the housing industry as something like a capital good, as a home is considered to be, cannot easily be studied in a short-term platform. Real estate is a good that costs several times more than an average persons annual income, in the United States that number is typically 7 times as much, and in the United Kingdom that number is 14 times as much. Several factors of both supply and demand directly impact the housing market on a macroeconomic scale. (Business Economics, 1)

Vancouver's Housing market is on par to some of the most expensive in the world. The high price of homes has caused many local people to move out of the city and has caused a lot of controversy. Locals are questioning to what the municipalities and provincial government are doing to help. So why are these market prices so high. It mostly comes down to supply in demand. The pressure on the housing market has arisen due to foreign buyers and shadow flipping, as supply for affordable housing diminishing. The locals blame shadow flipping, international buyers, and a tax regime that favors ownership over renting (King, 2016). Recently the Local Government and the Province have implemented many new controversial policies and taxes to control rent

The United States’ foreclosure and housing market problems have been well-documented in recent years. This issue has only been heightened by the 2009 economic downturn. Can the sky-rocketing foreclosure market truly be blamed on the recession, however? Can the issue be pinned down on the masses of people who have lost their occupations? Surely many of the cases can be traced back to these harsh conditions, but many more, most likely, can be attributed to something else. Foreclosures are not a new phenomenon and have been a part of American society for years. So, in order to determine a plan for how best to reduce the number of American families losing their homes, it seems best to look backwards rather than simply at the present.

The Big Short is a movie that discusses the housing market crash in 2008. As you may know, the banks, the mortgage brokers, and the consumers were all affected by this collapse. On each level of the system, there were things that went wrong and that could have been changed that could have prevented the failure of the housing market.

Housing affordability is a perennial problem in Australia and has worsened significantly over the past three decades.

Interest rates have a major economic impact on the real estate market. Interest rates directly affect property sales. Residential property realizes the greatest affect as interest rates have a considerable influence on a homebuyer’s capability to purchase a new property. The customer is affected when there are significant increases or decreases in interest rates. Declining interest rates lower the costs of obtaining a mortgage; this in turn creates higher demand for homes, and pushes home prices up. Conversely, high interest rates increase the costs to obtain a mortgage; these increases lower the demand for homes, which creates a decline in home prices. (Stammers, 2016)

The current real estate crisis that America finds itself in is one of the greatest challenges America has ever faced. America’s troubles are further compounded by increasing unemployment of American citizens and environmental problems like global warming. Solving any one of these problems would be a Herculean task, yet they must each be addressed in order to protect American families from disaster. However, it is possible to find a solution to the problems of the real estate crisis that can also be used to improve the problems of the unemployment and environmental destruction. The first part of the solution involves the United States government purchasing the homes that have been foreclosed and using them to offer temporary housing to