Real Estate

In this article

Americans who are short on cash to make rent may need to face an uncomfortable reality: Conditions will likely get worse before they get better.

U.S. housing supply fell to the lowest levels observed in over 20 years, according to the National Association of Realtors. That’s dramatically pushing up prices for consumers, and catching the attention of leaders.

“The most immediate challenge is a lack of lumber and other kinds of building materials,” says Rob Dietz, chief economist at the National Association of Home Builders. “The other challenge, and it’s one that’s going to be with us for some time, is a lack of skilled labor.”

Architects say better planning could ease cost burdens while shoring up public health.

“Suburban retrofitting has the potential to transform people’s lives,” said June Williamson, dean of architecture at City College of New York.

The Mosaic District of Fairfax, Virginia, is among the many “retrofitted” mixed-use districts and master-planned communities that have attracted major developers to the concept.

Watch the video above to learn more about the real estate industry’s push to shore up the housing supply.

Articles You May Like

Iran launches ‘unprecedented’ missile and drone attack on Israel
Top Wall Street analysts like these 3 stocks for their growth prospects
UK will not ‘turn on’ post-Brexit checks of EU goods for fear of border delays
What fewer institutional buyers mean in a retail-centric market
Iran seizes Israel-linked container vessel