Sellers Test Housing Market Amid Rising Prices
Walter Tejadas professed commitment to more affordable housing in Arlington [ Thousands apply for 122 affordable housing units , Metro, Sept. 7], his refusal along with other board members to support the establishment of a housing authority shows that his support is simply rhetoric. The report that more than 3,600 people applied to rent 122 units built in connection with the Arlington Mill Community Center elicited this observation from Mr. Tejada: The demand for rentals is amazing, no browse question about it. No wonder its amazing: The county has permitted developers to tear down older, affordable apartments and replace them with far more expensive ones. Furthermore, the countys requirement that developers provide some small number of affordable units does nothing to chip away at the huge backlog of persons needing them. The only way Arlington will demonstrate its commitment to affordable housing is by supporting the establishment of a housing authority .
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While the overall level of homes for sale remains relatively depressed, the report suggests that inventory may have hit a bottom earlier this year after an extended two-year decline. The report also suggests that home-buyer traffic has eased following a period in which mortgage rates have jumped by more than one percentage point. Inventories in nine of the nations top 30 housing markets were above their levels of last August, led by Los Angeles, where inventory was up by 17.4% from a year ago to its highest level since April 2012. Inventories in Atlanta were 13.9% above last years level. Other gains were reported in Orlando, Fla. (up 7.1%); Orange County, Calif.
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