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Week of August 28th-In recovering housing market, the starter home remains elusive

August 28, 2016

Low interest rates and an improving job market have created a wave of prospective first-time home buyers, but they're being stymied by a dearth of available starter homes.

Nationwide, the inventory of homes costing $250,000 or less fell more than 12 percent between June 2015 and June 2016, according to the National Association of Realtors.

The shortage stems from higher labor, land and building permit costs that have caused construction companies to focus on higher-end homes that bring more profit. In addition, institutional investors are snapping up affordable homes by the thousands in select markets nationwide and converting them to rentals.  Read on...



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