• Latest
  • Trending
  • All
  • Industry
  • Compliance
  • Global Trade
  • Industry
  • Sustainability & Ethics
  • Video
  • Security & Risk
A row of houses on a street facing a housing affordability crisis.

Senators, Including Elizabeth Warren, Urge Fed to Address Housing Affordability Crisis

01/29/2024
3rd Dairy Market Innovation Asia Pacific Summit 2025

Be Part of the 3rd Dairy Market Innovation Asia Pacific Summit 2025

06/20/2025
S.K.Singhi & Partners LLP Expands Global Legal Reach with LEXITS Platform and International Recognition

S.K.Singhi & Partners LLP Nominated for Go Global Awards 2025

06/19/2025
S.K.Singhi & Partners LLP Expands Global Legal Reach with LEXITS Platform and International Recognition

S.K.Singhi & Partners LLP Expands Global Legal Reach with LEXITS Platform and International Recognition

06/19/2025
Assist Export Bridges Global Markets with Strategic Trade and Consultancy Solutions

Assist Export Nominated for Go Global Awards 2025

06/19/2025
Assist Export Bridges Global Markets with Strategic Trade and Consultancy Solutions

Assist Export Bridges Global Markets with Strategic Trade and Consultancy Solutions

06/19/2025
Tariffs Lowered in New UK-U.S. Trade Agreement

Tariffs Lowered in New UK-U.S. Trade Agreement

06/17/2025
U.S. Signs Order to Implement Partial Tariff Reductions on UK Imports

U.S. Signs Order to Implement Partial Tariff Reductions on UK Imports

06/17/2025
Canada, U.S. Target 30-Day Timeline for Economic and Tariff Agreement

Canada, U.S. Target 30-Day Timeline for Economic and Tariff Agreement

06/17/2025
NUTRITECH NUTRITION: Leading the Fight Against Malnutrition in South Asia

Nutritech Nutrition Nominated for Go Global Awards 2025

06/20/2025
NUTRITECH NUTRITION: Leading the Fight Against Malnutrition in South Asia

NUTRITECH NUTRITION: Leading the Fight Against Malnutrition in South Asia

06/17/2025
FlavAir StyX from Denmark’s Considaret Clk Group Expands Worldwide with Natural Anti-Addiction Filters

Considaret Clk Group Denmark Nominated for Go Global Awards 2025

06/20/2025
FlavAir StyX from Denmark’s Considaret Clk Group Expands Worldwide with Natural Anti-Addiction Filters

FlavAir StyX from Denmark’s Considaret Clk Group Expands Worldwide with Natural Anti-Addiction Filters

06/17/2025
supplychainreport
Friday, June 20, 2025
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars
No Result
View All Result
supplychainreport
No Result
View All Result

Senators, Including Elizabeth Warren, Urge Fed to Address Housing Affordability Crisis

by Richie
01/29/2024
in Economic Indicators, Global Trade

YOU MAY ALSO LIKE

Tariffs Lowered in New UK-U.S. Trade Agreement

U.S. Signs Order to Implement Partial Tariff Reductions on UK Imports

A housing affordability crisis in the United States has led Senator Elizabeth Warren and fellow Democratic senators to express concerns about the role of the Federal Reserve, particularly Chairman Jerome Powell, in exacerbating the situation. In a letter addressed to Powell, the senators highlighted the adverse impact of “astronomical” mortgage rates on affordable housing and urged the Fed to consider rate cuts.

The senators, including John Hickenlooper, Jacky Rosen, and Sheldon Whitehouse, emphasized the need to reverse the rate hikes that, according to them, have made affordable housing inaccessible to many Americans. The Fed’s efforts to combat inflation through interest rate increases, though successful in curbing inflation, triggered repercussions in the housing market. Mortgage rates surged to nearly 8% last fall, contributing to historically unaffordable home prices.

The senators acknowledged the Fed’s decision to pause rate hikes late last year as a positive step, leading to a slight reduction in mortgage rates. However, they argued that rates remain too high for many families struggling with housing costs. The current 30-year fixed-rate mortgage averages 6.69%, according to Freddie Mac.

Warren and her colleagues outlined two key ways in which the Fed’s policies worsened the housing situation. Firstly, high borrowing costs discouraged developers from building homes, worsening the supply shortage. Secondly, the “lock-in effect” occurred as existing homeowners with low mortgage rates hesitated to list their homes due to the prospect of higher rates.

The senators warned that the affordability crisis disproportionately affects Black and Hispanic households, contributing to disparities in homeownership rates. They also cautioned about the spillover effects of high borrowing costs on the rental market.

The housing industry, including the National Association of Home Builders, Mortgage Bankers Association, and National Association of Realtors, had previously expressed concerns to Powell about the impact of Fed policy uncertainty on rate hikes and volatility, exacerbating housing affordability.

While some on Wall Street anticipate the Fed’s potential interest rate cuts in the coming months, the senators emphasized the immediate need for relief, particularly for working families already grappling with high housing costs. The senators urged the Fed to consider the broader societal consequences of its policies, particularly on racial disparities and the growing affordability gap.

Stay on top of supply chain news with The Supply Chain Report. Enhance your international trade knowledge with free tools from ADAMftd.com.

#HousingAffordability #SenatorsCallForChange #FederalReserve #JeromePowell #MortgageRates #AffordableHousing #Homeownership #RacialDisparities #HousingCrisis #RateCuts #HousingMarket #NationalAssociationOfHomeBuilders #MortgageBankersAssociation #NationalAssociationOfRealtors

ShareTweet

Subscribe Our Newsletter

Share Your News

Whether it’s a groundbreaking achievement, a heartwarming tale, or an insightful perspective, we want to hear it. Share your news with us, and let’s amplify your voice in the digital symphony of stories.

Submit

A man is riding a bike on a hill.

The Supply Chain Report is your essential daily news website, serving as a trusted source for comprehensive coverage of the complex and ever-evolving global supply chain dynamics. Our expert team delves into the intricacies of international trade, manufacturing, logistics, importing, exporting, and supply chain management; providing in-depth analysis and up-to-date news on the latest trends, disruptions, and technological advancements affecting industries worldwide. From detailed reports on international trade through to insights into procurement strategies and inventory management, we offer valuable content that helps professionals stay informed and make knowledgeable decisions in a fast-paced market.

Each day, we bring you cutting-edge news and expert commentary that dissect significant international trade and supply chain issues Our coverage spans a wide array of sectors including manufacturing, retail, healthcare, food, consumer goods, and technology, ensuring that no matter your field, you have the strategic information needed to navigate the challenges and opportunities of today’s supply chain landscape. By synthesizing complex data and presenting actionable insights, The Supply Chain Report empowers business leaders, policymakers, and logistics professionals to optimize their operations and drive forward with confidence in an interconnected world.

Connect With Us

  • About
  • Events
  • Privacy Policy
  • Contact Us

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.

No Result
View All Result
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.