Expensive regulations are terminated
“Five years ago, if you earned $ 60,000 in this country, you could afford a house,” said Turner. “Nowadays the income that is needed to pay a house is more than twice that. The median house price reached a record high last June of $ 426,900. Mortgage interest rates of 2.8% in January 2021 to a highlight of almost 8% in October 2023. The sale of living in 2024 fell to their lowest level since 1995. ”
Turner then called VERBIAGE from his career as a professional football player to further emphasize his view of the supply situation.
“The data tell us that we cannot continue to perform the same old games and get the same unacceptable results. Something has to change, “that he repeated for the emphasis on applause.
“And although we realize that this is a crisis, we do not let this consider this a crisis, but as an opportunity. […] This is a possibility to lower the costs and to increase the range of safe, high -quality and affordable homes. “
An important element of that plan is to direct regulations that Turner describes as barriers to the creation of new housing stock.
“The basis of a stable tax house is the reform of the regulations,” Turner added. “At HUD we take inventory and end all the cumbersome regulations that make it more difficult for individuals and families to realize the American dream of homeowners.”
“A house is more than four walls. It is the basis of a flourishing community, “he said. “To reduce costs and to increase the range of affordable homes, we will end these unnecessary, ineffective and expensive regulations.”
Turner also described that there will be a “next chapter” for the creation of opportunities zones, an initiative that he led as head of the White house Opportunities and revitalization council during the first government Trump.
Turner appeared in a time of turbulence in the government, from which HUD was not spared.
Reports have emerged since the inauguration of President Trump those great segments of the department – including important components such as the Federal Housing Administration (FHA) and Ginnie Mae – will endure serious cuts that have been concerned about some market participants.
A HUD spokesperson previously disputed reports that large segments of FHA employees will be cut and a source that is familiar with Hud’s plans offered a similar perspective on Ginnie Mae.
But former HUD and Ginnie Mae officials have been an alarm about what these cuts could do for people who are dependent on HUD and FHA tools – and for market participants, in the case of Ginnie Mae programs.
