B4 • Friday, September 3, 2021
thegardenisland.com
THE GARDEN ISLAND
Got House?
Julie Black, Principal Broker & Owner (808) 652-6174 with daughter Kela Caspillo, Realtor Sales Person (808) 652-6173 kauaidreams.com
Featured Homes
PLANS FOR THE MIDDLE CLASS
White House details vision to improve housing affordability Josh Boak ASSOCIATED PRESS
Kapaa
6077 Kolopua Street This corner property is over half an acre, in Wailua Homesteads, with a single story 3 bedroom /2 bath home. Features include open bean ceilings, a courtyard /atrium in the center, enclosed lanai, multiple ceiling fans, a lava rock wall and large shade trees. There is also a covered carport and a detached 1 car garage or large storage shed. Should qualify for an ADU or ARU. MLS # 653124; $979,000. Call Julie Black, RB (808) 652-6174 Kauai Dreams Realty, to see this Property.
Rates unchanged from last week, remain under 3% ASSOCIATED PRESS McLEAN, Va. — The average long-term mortgage rate was unchanged from last week as the economy continues to show encouraging signs even as hospitalizations from the delta variant of the coronavirus remain elevated. Mortgage buyer Freddie Mac said Thursday that the average rate for a 30-year mortgage held at 2.87% as demand for homes remained stable. The benchmark rate, which peaked this year at 3.18% in April, stood at 2.93% this time last year. The rate for a 15-year loan, a popular option for homeowners refinancing their mortgages, ticked up to 2.18% from 2.17% last week.
WASHINGTON — White House officials are outlining plans to build and restore more than 2 million homes, a response to the volcanic rise in housing prices over the past year. Millions of Americans are getting priced out of ownership or stuck spending the bulk of their income on rent. The S&P CoreLogic Case-Shiller 20-city home price index climbed a record 19.1% in June from a year ago, as too few homes are available to buy and low interest rates have enabled affluent buyers and real estate investors to pay more for homes. The jump in prices is a threat to President Joe Biden’s vision of centering the U.S. economy around the middle class, a group that has defined itself in large part through home ownership. Americans’ desire to own homes has also altered regional politics as suburbanites aligned with Democrats in 2020 to help give Biden key victories in Arizona and Georgia, two states that have added population through new home construction. The White House Council of Economic Advisers on Wednesday posted on its blog a detailed analysis of the affordability problem and the administration’s plans to relieve it. Its analysis notes that housing supply has fallen short of population growth
TONY GUTIERREZ / ASSOCIATED PRESS FILE
Construction workers erect the frames of a home in a new subdivision in Allen, Texas. for four decades, so many of the challenges predate the disruptions caused by the COVID-19 pandemic. Researchers at the mortgage buyer Freddie Mac estimate that the United States is 3.8 million homes shy of what is needed to meet demand. The persistent shortage has meant that home prices are steadily increasing faster than incomes, making it harder for first-time buyers to save for down payments and keeping them in rentals longer. Nearly half of renters spend more than the recommended 30% of their incomes on housing. To increase home construction,
Biden’s economics team proposes a series of policy shifts. First, it intends to deliver 100,000 affordable housing units over three years through a series of administrative changes. It will increase mortgage availability through Freddie Mac and Fannie Mae for manufactured houses and buildings with two to four units. The government also intends to make it easier for would-be owners and nonprofits to buy homes that failed to sell in foreclosure auctions, as well as expand outreach to local governments and nonprofits to buy federally held homes.
The government also plans to increase the financing options for apartment buildings through tax credits, loans and grants. Secondly, the Biden administration estimates that its economic agenda would lead to the construction and renovation of 2 million homes. This would include the use of federal subsidies, the low-income housing tax credit, a new tax credit for construction in economically vulnerable neighborhoods and incentives to remove exclusionary zoning and land use policies by local and state governments that limit new construction.
Hawaiiana Management Company, Ltd. Serving Kauai’s Condo & Community Associations with award-winning service
H
awaiiana currently serves nearly 60 residential and commercial associations on the Island of Kauai. Kauai native Sunshine Ruiz Hatto serves as Hawaiiana’s Vice President RI .DXDL 2SHUDWLRQV IURP LWV RIŅFH DW WKH .XNXL *URYH ([HFXWLYH &HQWHU LQ /LKXH
• • • •
Sunshine Ruiz Hatto Vice President Kauai Operations
99% retention rate among clients Local (vs. mainland) banking All employees are in Hawaii Serving nearly 60 associations on Kauai
www.hmcmgt.com
Home prices soar at record pace in June ASSOCIATED PRESS WASHINGTON — U.S. home prices jumped by a record amount in June as homebuyers competed for a limited supply of available houses, the latest evidence that the housing market remains red-hot. The S&P CoreLogic Case-Shiller 20-city home price index soared 19.1% in June compared with a year earlier, the largest increase on records dating back to 2000. The annual price gains in June were higher in all 20 cities than they were in May. Prices are now at record highs in 19 of the 20 cities, with the exception of Chicago. “The last several months have been extraordinary not only in the level of price gains, but in the consistency of gains across the country,” said Craig Lazzara, managing director of index investment strategy at S&P DJI. There are signs that the high prices are cooling sales a bit. Sales of existing homes rose 1.5% in July from a year earlier, a separate report showed last week. That’s a much slower pace than the previous month. And the number of contracts signed to buy homes, a leading indicator of final sales, has fallen for two straight months. Prices rose in June by the most in Phoenix, where they soared 29.3% compared with a year earlier, followed by San Diego, with a 27.1% increase, and Seattle, at 25%.
BOB WILSON SR. MANAGEMENT EXECUTIVE
LUCY TAYLOR SR. MANAGEMENT EXECUTIVE
WHIT VAN BLARGEN MANAGEMENT EXECUTIVE
AMY CAMPBELL MANAGEMENT EXECUTIVE
HINAHEA LANGI OFFICE MANAGER, SENIOR ADMINISTRATIVE ASSISTANT
RICHARD ROBERTS MANAGEMENT EXECUTIVE
RACHELE BURNS TOGUCHI ADMINISTRATIVE ASSISTANT
Hawaiiana’s Kauai Properties: $OLKL /DQL Alii Kai at Hanalei Alii Kai II $OLRPDQX (VWDWHV Apopo Hale (PPDODQL &RXUW +DODXODQL &RQGRPLQLXP Hale Honu Halelani Village at Puhi Halemalu at Puhi Hanalei Bay Villas +RROXDQD &RQGR DW .RKHD /RD +RRNHQD DW 3XKL Kahala at Poipu Kai Ka‘iulani of Princeville .DNHOD 0DNDL 2FHDQYLHZ Kalaheo Pali Kai Kalihiwai Ridge
Kamahana Kauai Beach Resort Kauai Beach Resort Association Kawaihau Sports Villa . * (QWHUSULVHV &RQGRPLQLXP .RKHD /RD 0DVWHU $VVRFLDWLRQ .RORD *DUGHQ $SDUWPHQWV Kuhio Shores at Poipu .XNXLĢXOD /DH 1DQL 0DNDQXL 0DQXDORKD Paliuli 3LNDNH Plantation at Princeville 3RLSX &UDWHU Poipu Kai Association 3RLSX .DL 5DFTXHW &OXE
Poipu Kai Water Reclamation Poipu Kapili Poipu Sands 3ULQFHYLOOH ,, &RPPXQLW\ Association 3ULQFHYLOOH 0DNDL 5DQFK DW Halele‘a Princeville Paniolo Princeville Sealodge I Puamana 3XKL ,QGXVWULDO 3DUN
Pu‘u Po‘a Regency at Poipu Kai Regency Hule‘ia Regency Villas at Poipu Kai Sandpiper Village I The Villas at Poipu Kai Villas at Puali Villas of Kamali’i Villas on the Prince :DLNRPR 6WUHDP 9LOODV Wailua Bay View
For more information about Hawaiiana’s services, contact Sunshine Ruiz Hatto at 792-0515 or email sunshine@hmcmgt.com.