Why Aren't New Homes Going up that Millennials Can Afford? #homeownership #realestate

Source:  Yahoo!  Finance

Hopeful home buyers who have to navigate newly strict lending standards to get the necessary cash for a new home aren't the only ones facing a hard time to obtain financing.  Developers and builders also have had a harder time getting the financing needed to embark on new projects, which limits the amount of new construction.  The bulk of residential construction around the country is done by smaller builders who typically go to local lenders such as banks and credit unions for financing.  Robert Dietz, chief economist at the National Association of Home Builders, commented, "There are limits to how fast the industry can grow, given the industry has to rebuild its workforce, rebuild the building lots supply, and also have an increased access to lending for builder loans."

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