PODCAST:
June 25, 2026 ~ Real estate agent Michael Perna explains why housing prices are climbing and how the halted Housing Affordability Act is impacting the market.
WASHINGTON, D.C. ~ On Wednesday, United States President Donald Trump was lined up to sign the bipartisan 21st Century ROAD to Housing Act, aimed at increasing affordable housing supply and reducing costs, that passed Congress, but canceled the ceremony due to the stalling of the passing of the SAVE America Act, which would establish a national requirement for voter ID.
Trump has 10 days, excluding Sundays, since the bill passed to either veto or sign, but if lawmakers are in session and he doesn’t veto or sign, then it automatically becomes law.
“There are two things this bill is going to address: one, the institutional investors that are coming in with cash and snapping up those homes before families get the opportunity to even bid on them,” Perna said on All Talk. “And that’s happening at a wide level because here in Metro Detroit, in 2025, one in 13 homes were bought by investors last year. When it comes to lending institutions, banks like a Chase Bank or even credit unions, a lot of them will go negative on such a small loan amount because of the fees involved with FHA and VA that the banks have to pay.”
As starter home prices continue to climb, with Zillow reporting the typical starter home is worth about $198,000 nationwide earlier this week, banks continue to decline loans below $80,000, which is having a big impact in the cities of Detroit and Pontiac, according to Perna.
