With everything that’s going on in the US at the moment, with Trump causing chaos around the word, and terror attacks are a daily threat, it’s hard for people to understand that there are smaller threats. Such as the fact mortgage rates have risen by 3.83% recently, and development companies are struggling to build do to the lack of people being able to buy. Yes homelessness is becoming a crisis in the US. People simply aren’t able to afford the cost of living.
One state that is falling victim to the is San Francisco Bay. The crisis is so bad there, people are trying desperately to sell and move. But with people having little money due to mortgage rates and living costs being so high, it’s proving difficult for them to do. Those are fortunate enough to have a lot of money, are choosing to leave state, or even countries through companies like Enness International. Although you can get some incredible real estate in the US, the constant threat and financial issues just aren’t worth it to some, some countries are just much more stable.
With US housing creeping up to a 12 month low, it’s no surprise the US housing and urban development secretary is being put under enormous pressure by the rest of the government to try and get it under control. With the recent tragic hurricane Harvey, this might prove easier said than done. Thousands have been left homeless, with many family homes being completely destroyed. The financial rebuild of this will be exponential. Despite this, the people of Houston have been warned to expect housing prices to become more expensive due to the devastation this caused. This will be crippling for most families, as beforehand the state was reasonably afford to. It’s estimated a large amount of families will be relocating out of state in the hope for better living costs.
Cash is being flooded into some developments to try and salvage developments that are financially drained. In a lot of cases, a housing development will begin, the prices of mortgages keep rising, nobody puts offers on the property, so the development falls through. This in turn costs companies hundreds of thousands. However, this has all changed for a development company in Detroit. Mayor Mike Duggan has finally chosen a team of developers, and flooded $6M into a development of an old school into a block of apartments. He has stated cost of buying will be around 60% of the general income per person of the area. This is a huge drop from other states in the US, with states such as Miami’s living costs being a considerable amount higher.
So, the housing development issues in the US are really at an all time low at the minute. With many factors listed above contributing to this. Many people are looking to the secretary of housing and development to at least improve the situation rather than watch it crumble. Hopefully the coming years will see a drop in mortgage rates and living costs, and a rise in development plans to help the homeless crisis, and the natural disaster crises that keeping shocking the country.