Today’s News Synopsis:

New homes sales decreased 11.4% in April after being at their highest in over 9 years according to the Commerce Department.  Despite the decrease in sales, the reason is not because not enough are being built, but rather not enough people can afford one.  Fannie Mae announced its new program called the Healthy Housing Rewards to award borrowers who include designs in their homes that are healthy for the homeowners.

In The News:

CNBC – “April new home sales fall from near 9-1/2 -year high” (5-23-2017)

“New U.S. single-family home sales tumbled from near a 9-1/2-year high in April, but the housing recovery likely remains intact amid a tightening labor market.”

Bloomberg – “The Return to Sprawl Is More About Supply Than Demand” (5-23-2017)

“Getting new housing built in San Francisco is a famously difficult endeavor. The city is hemmed in by water on three sides, ran out of greenfield tracts to build on in the 1950s, and is full of people who think their city is perfect as it is and doesn’t need to get any bigger — especially not if the newcomers are (horrors!) tech workers.”

Curbed – “New real estate crowdfunding site focuses on community development” (5-23-2017)

“Eve Picker has discovered that it doesn’t always pay to be first, a maxim that goes double for real estate.  The architect and urban designer has spent the last 15 years developing the Liberty Bank Building in Pittsburgh.”

Realtor.com – “New Home Prices Are Falling – So Why Are There Fewer Sales?” (5-23-2017)

“The price of owning a brand-new home is falling. But although buyers are desperate for whatever homes they can afford, new-home sales were actually down in April, because there were fewer of them on the market—a number far short of meeting the demand by home buyers.”

Freddie Mac – “Freddie Mac Issues Monthly Volume Summary for April 2017” (5-23-2017)

“Freddie Mac’s (OTCQB: FMCC) announced today that it issued its Monthly Volume Summary for April 2017, which provides information on Freddie Mac’s mortgage-related portfolios, securities issuance, risk management, delinquencies, debt activities and other investments.”

CNBC – “There are tons of newly built homes – just the wrong kind” (5-23-2017)

“Ask anyone house hunting this spring, and they’ll tell you there are far too few homes for sale. But, really, it’s the price tags of the homes for sale that are the issue.”

Fannie Mae – “Fannie Mae Introduces Healthy Housing Rewards Initiative for Affordable Multifamily Properties” (5-23-2017)

“Fannie Mae (FNMA/OTC) announced today its Healthy Housing Rewards™ initiative aimed at providing a financial incentive for borrowers who incorporate healthy design features for newly constructed or rehabilitated affordable multifamily rental properties.”

Realtor.com – “6 Outdoor Showers Where You’re Allowed to Lather Up Alfresco” (5-23-2017)

“When the beach is within walking distance, an outdoor shower is as essential to a great summer as a wood-burning stove in Alaska is during chilly winters.”