(RECAP: A second grade teacher in Alexandria public schools makes roughly $22 per hour. A first-rank police officer in the city earns $23 per hour. According to the Alexandria Office of Housing, the average wage needed to rent an apartment in Alexandria is $30.50 per hour. As housing costs continue to rise, Alexandria’s firefighters, bus drivers, social workers, and countless other professions are being pushed out or forced to pay rents that exceed their affordability. According to Helen McIlvaine, director of the Office of Housing, 70 percent of Alexandria’s population spends more on their homes than what is considered affordable.)

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(RECAP: When H.R. 3700, the “Housing Opportunity Through Modernization Act,” was signed into law earlier this year, HUD was given notice that they had 90 days to weigh in on regulations related to FHA financing for condominiums before changes automatically went into effect. These included rules regarding owner-occupancy rates and treatment of spot loans. In response to H.R. 3700, HUD today released a proposed rule on condominiums that includes positive changes, like a return of spot loans and an extension of the certification period, but also includes a proposal to set owner-occupancy rate requirements within a range of 25 percent to 75 percent. This is despite a 35 percent requirement laid out in H.R. 3700. The National Association of Realtors® praised sections of the rule, but remains concerned about the possibility of an overly high owner-occupancy threshold. NAR cited estimates showing that that less than 10 percent of all condos are FHA certified as evidence that more needs to be done.)

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(RECAP: Home prices continued their steady ascent in July but there’s no reason to believe a collapse in prices is on the horizon, according to S&P/Case-Shiller. On a national basis, single-family home prices rose by 5.1% in July, according to the S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions. Home prices have risen by about 5% annually for the last two years and are approaching the record highs seen before the financial crisis. In seven out of 20 major cities, houses are more expensive than ever. As housing prices have soared, the amount people are borrowing hasn’t swelled nearly as much as it did before the financial crisis. Currently, outstanding mortgage debt on family homes for four people or less is 13% below the peak in 2008.)

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