GNO Home Builders Lobby for Lower Interest Rates, Construction Costs – Biz New Orleans

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NEW ORLEANS — From The house Builders Affiliation of Greater New Orleans:

As a Outcome of the HBAGNO celebrates Nationwide Homeownership Month in June, builders throughout the metro space are calling on the White House To proper away tackle The factors that threaten housing affordability.

“Most People think about householdership to be The solely biggest prolonged-time period funding and a primary supply of wealth and monetary safety,” said Dan Mills, HBAGNO CEO. “With quickly rising Costs of curiosity And higher enhancement prices, the American Dream of protected And pretty priced housing is In hazard.”

As a Outcome of The start of 2022, mortgage Costs of curiosity jumped Greater than 1.9 proportion factors and constructing supplies prices have enhanced by 8%, Based mostly on the Nationwide Affiliation of Home Builders. A current national public opinion survey by NAHB reveals that Greater than half (51%) of adults Inside the U.S. say housing affordability is A critical drawback.

In Louisiana, 48% of adults say housing affordability is A critical drawback.

In response to the rising housing affordability disaster, members of the house constructing enterprise in Louisiana signed on to a letter from NAHB to the White House looking for quick cures to lumber and constructing supplies current chain bottlenecks To diminish enhancement prices and enhance manufacturing of badly needed pretty priced housing. 

“Many householders rely on their house equity to fund retirement, their youngsters’s education, and completely different important wants,” added Mills. “As members of the group, We’ll proceed to advocate for public insurance coverage policies that assist pretty priced housing alternatives for all.”

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