Demand Propels Home Prices Upward 2 days ago Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Share Save January 14, 2019 2,038 Views About Author: Krista Franks Brock The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: HUD Addresses Questions About Shutdown Impact Next: Super-Priority Issues Linger in D.C. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Affordability Barriers to Homeownership home affordability Homeownership Housing Market Housing Market 2019 Affordability Barriers to Homeownership home affordability Homeownership Housing Market Housing Market 2019 2019-01-14 Krista Franks Brock The share of homeowners who view homeownership as part of the American Dream is quite high at about 90 percent, according to the National Association of Realtors (NAR) most recent analysis.However, among non-homeowners, 75 percent view homeownership as part of the American Dream. So what is preventing these Americans from making their dream a reality?According to NAR, it’s affordability.“The lack of affordable and moderately priced homes has forced non-homeowners to delay achieving that part of the American Dream,” said Lawrence Yun, Chief Economist at NAR with Monday’s release of the Aspiring Home Buyers Profile.“However,” he added, “as the survey confirms, significant lifestyle changes like marriage or starting a family often spur non-owners to pursue homeownership.”In the fourth quarter of 2018, 43 percent of non-owners cited affordability as their primary reason for not owning a home, down from 49 percent in the third quarter but still ranking as the No. 1 reason for not owning a home.Thirty-three percent of non-owners cited “current life circumstances” as their reason for foregoing ownership for the time being, and 16 percent said they would wait to purchase a home because they need “the flexibility of renting” right now, according to NAR.The share of non-homeowners who feel now is a good time to buy a home waned over the year, starting at 51 percent in the first quarter and ending the year at 47 percent in the fourth quarter.Non-owners who said now is a good time to purchase a home spanned all age, income, and city size brackets, except in the West where non-owners were slightly more pessimistic, NAR pointed out.Meanwhile, the share of homeowners who feel now is a good time to purchase a home hovered between 69 and 73 percent in 2018, ending the year at 72 percent.“While home sales were slightly down in 2018, there is still a sizable pent-up housing demand,” Yun pointed out. “Economic growth, interest rates, and the supply of moderately-priced homes will dictate how well the real estate industry will do this year.”NAR also questioned survey respondents about opening their homes to their adult children or other adults and how that has impacted their outlook on their homes. Eleven percent of homeowners had an adult move into their home in the past year, while five percent of non-owners reported the same. Of those, 44 percent said that adult plans to stay for more than a year or permanently.Twelve percent of those who had an adult move into their home have considered moving or did move because they feel their housing is now “inadequate,” according to NAR’s survey. The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Delaying the American Dream in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Delaying the American Dream Sign up for DS News Daily Subscribe
ENDS A company director and his company have been sentenced to fines of £38,000 and costs of £33,000 in Nottingham Magistrates Court today after breaching conditions of an environmental permit over a 19 month period. The breaches led to a significant impact on the lives of local residents.Ryan Colson, of Westfield Avenue, Heanor, Derbyshire, is the director of Colson Transport Limited, a waste transfer company on Bulwell Lane in Old Basford, Nottingham. Colson and his company Colson Transport Ltd took over the site from the previous operators and the volume of waste passing through the site increased significantly. This led to dust escaping from the site and odour problems developed. This had a significant impact on the lives of the local residents, businesses and the primary school, located close to the site.Tim Pole, Prosecution Counsel on behalf of the Environment Agency, told the court that the failure to comply with the environmental permit and storing waste on site in inappropriate ways led to the significant impact on the community. In addition, Mr Colson had stored combustible waste on site. The consequences of a fire on site would have reached beyond the company itself, and could have impacted on other businesses as well as a primary school situated nearby.The Court was told that the nature, number and frequency of the complaints to the Environment Agency demonstrated the negative impact that the Mr Colson’s poor management of the site had on the lives of local residents.Colson Transport Ltd and its owner Mr Colson had a history of non-compliance and had received a written warning from the Environment Agency prior to the commencement of the Prosecution However Mr Colson failed to consistently operate the site in compliance with the Permit.Mr Colson and Colson Transport Ltd cooperated with the investigation and showed evidence of taking steps to remedy the problems on site. There was investment of approximately £350,000 into the site and there was an acceptance of responsibility.In sentencing the case District Judge Spruce found that the local residents had suffered because of the dust and odour problems emanating from the site, but there was no finding by District Judge Spruce that this created a risk to human health. The length of time that the breaches spanned was an aggravating feature and as was the history of non-compliance. However in mitigation the District Judge had noted the character references provided and found that Colson Transport limited was a responsible waste management operation. The District Judge found that there was no financial gain to Colson Transport Limited or to Ryan Colson as a result of the permit breaches.Commenting after the hearing, Environment Officer Everal Burrell said: The Environment Agency works hard to protect people and the environment while supporting the vast majority of businesses that operate responsibly. This case demonstrates that we will take action against those who do not operate their business within the confines of relevant regulations. We hope this case will serve as an example and a warning for other operators to take their responsibilities seriously. We are determined to take actions against those who don’t.