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» VISIT US ONLINE @ DSNEWS.COM 7 A look at facts you didn't know you couldn't live without. Compiled by the DS News Staff Housing prices rose in 97 out of the nation's 100 biggest metro areas last year, a result of both increasing demand and ever-tightening housing supply according to Chris Herbert, Managing Director for the Joint Center for Housing Studies in a State of the Nation's 2017 Housing report. A quarter of renters are spending at least half of their income on rental housing compared to the 10 percent of homeowners, according to a 2017 report from Urban Institute. 'POST-FORECLOSURE STRESS DISORDER' KEEPS BUYERS AT BAY INSIDE THE JOURNAL // MOVERS & SHAKERS // ON THE WEB // THE APP SPECTRUM TAKE A LOOK INSIDE THE NUMBERS D ATA B I T S COST OF LIVING RISES IN TANDEM WITH HOME PRICES Nashville, TN 8.61 pts $9,135 Seattle, WA 7.32 pts $3,190 Louisville, KY 4.49 pts $2,066 Austin, TX 3.84 pts $1,407 Jacksonville, FL 3.36 pts $2,095 Los Angeles, CA 2.89 pts $1,676 Philadelphia, PA 2.78 pts $2,590 Virginia Beach, VA 2.65 pts $1,720 Indianapolis, IN 2.58 pts $1,111 New Orleans, LA 2.15 pts $1,221 City and State Live Comfortably Amount Increase Cost of Living Rate Increase PAGE 22 Chief Economist CoreLogic FIVE MINUTES WITH WITH Dr. Frank Nothaft U.S. homeownership rates have hit a 50-year low despite improving local job markets and historically low mortgage rates. Research commissioned by the National Association of Realtors (NAR) said there are five main barriers preventing a large number of individuals from purchasing a home, including "post-foreclosure stress disorder," mortgage availability, the growing burden of student loan debt, single-family housing affordability, and single-family housing supply shortages. Nine million homeowners experienced foreclosure, and 8.7 million lost their jobs during the 2008 crisis. According to NAR, for those whose financial decision-making abilities have been changed as a result, education programs and workshops could help. NAR also recommended restoring lending requirements to normalize credit standards for borrowers with good-to- excellent credit scores. Currently, those borrowers are not getting approved for the same rates they were in 2003, despite their credit scores. For households repaying student loan debt, it is extremely difficult to save for a down payment, qualify for a mortgage, and afford a mortgage payment—especially in areas with high rent and home prices. NAR found in a survey released last year that student loan debt is delaying purchases from millennials and that over half of the generation expects to be delayed by at least five years. NAR has stated that policy changes should be enacted to address soaring tuition costs and make repayment less burdensome. In regards to low affordability, NAR explained that policies need to be enacted to ensure creditworthy young households and minority groups have the opportunity to own a home. "Single-family home construction plummeted after the recession and is still failing to keep up with demand as cities see increased migration and population as the result of faster job growth," said Ken Rosen, Chair of Berkley Hass Real Estate Group. "e insufficient level of homebuilding has created a cumulative deficit of nearly 3.7 million new homes over the last eight years." Due to higher prices, a lack of property lots, difficulty finding skilled labor, and higher construction costs, housing starts are not increasing to meet the growing demand. "Low mortgage rates and a healthy job market for college-educated adults should have translated to more home sales and upward movement in the homeownership rate in recent years," NAR Chief Economist Lawrence Yun said. "Sadly, this has not been the case. Obtaining a mortgage has been tough for those with good credit, savings for a down payment are instead going towards steeper rents and student loans, and first-time buyers are finding that listings in their price range are severely inadequate."

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