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Greg Ugalde, president of Connecticut-based builder T&M Building Co. and new chairman of the National Association of Home Builders recently spoke with the Associated Press about the industry.
Among the topics discussed were immigration reform and the ongoing labor shortage in construction, The StarTribune reports. When asked about affordability pressures, Ugalde explained that one key change the NAHB seeks while urging Congressional reform of the current U.S. housing finance system, "The ability to introduce the financing products just has not kept up with today's market place as much as we would like to see. So we need to revamp the ability to bring more people into the system who really do qualify and can afford a home."
Rising U.S. home prices and a shortage of properties on the market have made homes less affordable for many would-be buyers, even after the fall in mortgage rates over recent weeks. The trend is also problematic for home builders, because newly built homes tend to be more expensive relative to resale properties.
