(MONDAY, Nov. 21) – Senator Patrick Leahy (D), Senator Bernie Sanders (I) and Congressman Peter Welch (D) announced Monday that the Northwest Regional Planning Commission and the Two Rivers-Ottauquechee Regional Commission will receive economic development planning grants totaling more than a million dollars from the U.S. Department of Housing and Urban Development (HUD). The two grants are among only a few dozen regional planning projects approved by HUD nationwide …
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News
Leahy, Sanders, Welch announce grants totaling more than $1 M for economic development planning in east-central and northwestern Vermont
Announcements, Grants, Homelessness, Homeownership, Housing, Housing Market, HUDNews, Poverty, VT, VTDIGGER
Census estimates confirm decline in household income and increased poverty
Census Estimates Confirm Decline in Household Income and Increased Poverty
September 23, 2011
The recession’s longstanding toll on the incomes of Vermont households is shown clearly in estimates released by the Census Bureau yesterday. The median income of a household in the state dropped to $49,406 in 2010 from $51,618 in 2009. The poverty rate among Vermont households rose to 12.7% up from 11.4% in 2009. Poverty among the state’s children rose particularly high–to an alarming 16.7% in 2010 up from 13.3% in 2009.
Across the nation, poverty rose in 49 of the 50 states. In total, 46.2 million Americans lived in poverty in 2010– the highest number in the 52 years the Census Bureau has been publishing figures on it. Median household incomes across the country fell to levels last seen in 1996.
The Census Bureau has recently released the results of two national surveys pertaining to household income and poverty–the American Community Survey and the Current Population Survey
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New Estimates About Characteristics of Vermont Households Released
September 22, 2011
The Census Bureau released new estimates today that provide information about the characteristics of residents and homes in Vermont and its counties in 2010. These estimates are based on the annual American Community Survey (ACS), which asks a sample of Vermonters questions about their home and the household members living there.
While the decenniel Census provided counts of people and households, ACS estimates provide valuable information about the characteristics of Vermont residents.
Here’s a sample of the types of information collected through the ACS:
- § Total monthly housing costs
- § Household income
- § Type of home heating fuel
- § Age of the household members
VHFA’s researchers are available to speak to members of the media about ACS data pertaining to Vermont’s housing market and the housing situations of low- and moderate-income people. Inquiries may be directed to Research and Communications Coordinator, Leslie Black-Plumeau
We’re currently reviewing the data and will share highlights as we complete our analyses.
Access the ACS 2010 estimates.
Due to the small size of the ACS sample in some Vermont communities, data users are advised to carefully consider the error ranges provided by the Census Bureau with each estimate.
Census Bureau, Homeownership, Housing, Housing Market, National Research, Poverty, State Research, VT
Vermont’s housing market stuck in a holding pattern
Source: Burlington FreePress, 6/5/11, by Dan D’Ambrosio
Photo: Maura Collins of the Vermont Housing Finance Authority stands next to a home for sale on Myrtle Street in Burlington on Thursday. / GLENN RUSSELL, Free Press
“While much of the rest of the nation faces a double dip in single-family home prices, with sales of foreclosed and bank-owned properties pushing prices below previous lows in March 2009, Vermont is once again the exception to the rule, as it was in the foreclosure crisis. [More ...]
Home prices falling in most major U.S. cities
Source: Burlington Free Press, March 29, 2011, by Janna Herron
“NEW YORK — Home prices are falling in most major U.S. cities, and the average prices in four of them are at their lowest point in 11 years.
The Standard & Poor’s/Case-Shiller 20-city index released Tuesday shows price declines in 19 cities from December to January. Eleven of them are at their lowest level since the housing bust, in 2006 and 2007. The index fell for the sixth straight month. [More ...]
New HUD Housing Market Profile of Burlington and S. Burlington
Source: HUD’s U.S. Housing Market Conditions
The Housing Market Profile for the Burlington-South Burlington, Vermont metropolitan area is now published in HUD’s U.S. Housing Market Conditions. Please note that there was an editors’ mistake. The population listed in the report should read as the Decennial Census population for the area as of April 1, 2010. For a brief description of the results, read below.
The profile talks about shifts in the area’s population, job market and housing market. HUD reports that the number of home and condominium sales are rising above the 2009 levels, but are still below the 2004 levels. [More ...]
Tags: HUD
Transcript Downsizing Government’s Role In Mortgage Market
Source: VPR, Weekend Edition, Feb. 11
“The Obama administration wants to scale back the federal government’s role in the mortgage market. But officials say they will have to move slowly to avoid causing more trouble for already weak home sales.
The administration released a report Friday suggesting three options for replacing the government-run mortgage giants Fannie Mae and Freddie Mac. All three are likely to result in higher borrowing costs and bigger down payments for would-be homebuyers.
The administration is determined to phase out Fannie and Freddie. The mortgage giants nearly collapsed during the financial crisis and had to be bailed out by taxpayers at a cost of more than $130 billion so far. What the government hasn’t decided is what should replace Fannie and Freddie. [More ...]
Burlington area does relatively well in spite of recession
Source: WCAX.com, December 10, 2010, by Andy Potter
“A new report paints a positive picture of Vermont’s economy. Several companies continue to add jobs and commercial real estate has relatively low vacancy rates.
Allen & Brooks puts out an annual survey this time of year. It keeps track of vacancy rates in several categories of real estate. Chittenden County, with relatively low vacancy rates and unemployment at just 4.4 percent, remains a good place to be — if you have a job. But the local economy has declined in terms of consumer purchases. The report says retail sales in Chittenden County peaked in 2006.
“People are just a lot more cautious,” Mark Brooks noted, but points out that the local economy has contracted. “We have definitely seen a decrease in market rents along Church Street,” Brooks said, referring to Burlington’s central business district.
The Real Estate Trends Survey is a clear indicator of how the economy is faring. Brooks told an auditorium full of business leaders that Chittenden County in general, and Burlington specifically, are doing better than most of the country. But the economic downturn continues even though the recession officially ended a year and a half ago.
Brian Pine, a housing specialist with Burlington’s Community and Economic Development Office (CEDO), told Channel 3, “We’ve definitely seen a decline in the occupancy rate for retail space, but there’s indications that some of those retail spaces have some very promising tenants that will likely be occupying them in the near future…”
Full Story: Burlington area does relatively well in spite of recession.
PDF of Story: Burlington Area Does Relatively Well in Spite of Recession.
Tags: Brian Pine, Economy, rental market
Remedy for Foreclosure Has Economists Divided
Source: NPR: Morning Edition, September 27, 2010
By Chris Arnold
“Despite the government’s efforts to help the housing market, economists estimate that about 1 in 4 households with a mortgage owe more than their house is worth. [More ...]
Tags: Economy, Foreclosures, Housing Market
More employee-assistance calls seek housing aid
Source: USA Today, September 15, 2010
By: Sharon Jayson
“Housing problems have for the first time replaced child care as the No. 1 subject of employee-assistance calls, a new report says. [More ...]
Tags: employee-assistance calls, Housing aid
Vermont spared big home-sale slump
Source: Burlington Free Press, September 6
By Nancy Remsen
“Todd Smith and his wife weren’t ready to put their Burlington home on the market in the pring — back when first-time buyers could get an $8,000 tax credit under a federal economic stimulus program.
Still, when they decided a month ago to put a for-sale sign out front of their two-bedroom ranch, they thought their $205,000 asking-price and the low interest rate available for mortgages would be magnets for prospective buyers. [More ...]
Tags: Economy, home sales, market
