Study: Falling home prices not helping many first time home buyers

first_imgIn spite of the softening real estate market, Vermonters earning the median income still could not afford the median priced home, according to a new report released today.The report, “Between a Rock and a Hard Place: Housing and Wages in Vermont,” is the latest in an annual series that tracks housing costs in relation to Vermonters’ incomes. For the last several years, Vermont’s tight housing markets have driven up prices while wages, particularly those employing the most Vermonters, have not kept pace. During the recession, even as home prices drop, opportunities for low-income and first time buyers were limited due to high fees and higher interest rates for buyers with moderate credit scores.“The real estate market was helped this year by low interest rates and a generous federal tax credit,” said Sarah Carpenter, Executive Director of Vermont Housing Finance Agency. “The problem was those low rates weren’t available to many buyers and the tax credit wasn’t available at closing to help pay for the higher down payments and fees lenders now require. Few first time buyers can save up the down payment and closing costs needed to buy a home even if the median price dropped.”Among the report’s findings:The median purchase price of a home in Vermont dropped by 5% to $190,000, the first substantial fall on record.A Vermont household would need an annual income of $57,000, and an estimated $15,000 for down payment, fees and closing costs, to afford that home.The median household income remained the same as last year, $52,000, although once inflation is factored in, Vermonters saw a 2% decrease in buying power.The average Fair Market Rent for a modest two-bedroom unit is $920 a month, and more than half of Vermont’s occupations have median wages less than the $36,800 needed to afford that rent.An additional 3,000 households become cost burdened annually, meaning more Vermonters paying more than 30% of their income for housing. The state is the 7th and 15th worst state in the nation for cost burdened renters and owners, respectively.The recession is more than many households on the edge can bear. Despite stimulus programs and increased funding, the number of people who are homeless in Vermont increased 22% since 2008 when the recession began.“Vermonters continue to need affordable housing and the state’s economy needs housing construction in order to help it emerge from this recession,” said Rob Naylor of Naylor & Breen Builders in Brandon, VT. “Our company has seen firsthand the effects of the real estate market, but because of the programs designed to fund the construction and renovation of housing for lower-income residents, we were able to keep a crew working to build the units this report clearly shows are needed. These projects have created permanently affordable housing, while also keeping my guys employed.”One family’s story illustrates the difficulty accessing both the rental and homeownership market. Janet Green, her husband and son lived in an apartment in Richmond, but were commuting to work in Burlington. “The commuting had become a lot for us, and we wanted to raise our son in Burlington so we started looking for a place to rent. But it was so expensive!” In May 2009 they decided to attend a homebuyer education workshop to see if homeownership was an option. It was, through the Champlain Housing Trust’s shared equity program, and after searching for a number of months, they bought a condo in Burlington and moved in on Halloween.“We could never have bought a home on the open market — even renting seemed to stretch our budget. But with CHT’s program, we were fortunate to be able to do it,” added Green.Source: VHFA. 6.15.2010. Copies of the new report are available online at the VHFA website, www.vhfa.org.-30-(link is external)last_img read more

EC’s Kyra Hall Places 27th In 100 Butterfly At State Finals Opening & Final Rounds

first_imgThe Girls Swimming State Finals took place The IUPUI Natatorium in Indianapolis. EC’s Kyra Hall Places 27th In 100 Butterfly during The Preliminary Rounds and The Final Rounds.201819 Girls Prelim Results201819 Final ResultsCarmel repeats as Girls Team State Champions.201819 Final Scoreslast_img

Without LeBron James, Lakers overwhelmed by Nuggets

first_img Trail Blazers, Grizzlies advance to NBA play-in game; Suns, Spurs see playoff dreams dashed PreviousDenver Nuggets guard Gary Harris goes for a fast break dunk as Los Angeles Lakers forward Anthony Davis pursues during the second half of an NBA basketball game Sunday, Dec. 22, 2019, in Los Angeles. The Nuggets won 128-104. (AP Photo/Michael Owen Baker)Los Angeles Lakers injured guard LeBron James cheers his team during the first half of an NBA basketball game against the Denver Nuggets on Sunday, Dec. 22, 2019, in Los Angeles. The Nuggets won 128-104. James sat out the game because of a thoracic muscle strain. (AP Photo/Michael Owen Baker)Los Angeles Lakers forward Anthony Davis dunks against the Denver Nuggets during the first half of an NBA basketball game Sunday, Dec. 22, 2019, in Los Angeles. The Nuggets won 128-104. (AP Photo/Michael Owen Baker) SoundThe gallery will resume insecondsLos Angeles Lakers forward Anthony Davis, left, dunks against Denver Nuggets center Mason Plumlee during the first half of an NBA basketball game Sunday, Dec. 22, 2019, in Los Angeles. (AP Photo/Michael Owen Baker)Los Angeles Lakers guard LeBron James, left, talks with guard Kentavious Caldwell-Pope during the first half of an NBA basketball game against the Denver Nuggets Sunday, Dec. 22, 2019, in Los Angeles. LeBron James sat out the game because of a thoracic muscle strain. (AP Photo/Michael Owen Baker)Los Angeles Lakers guard Kentavious Caldwell-Pope, left, and Denver Nuggets guard Jamal Murray reach for a loose ball during the first half of an NBA basketball game Sunday, Dec. 22, 2019, in Los Angeles. (AP Photo/Michael Owen Baker)Los Angeles Lakers forward Anthony Davis is fouled as he shoots between Denver Nuggets forward Michael Porter Jr., left, and center Mason Plumlee during the first half of an NBA basketball game Sunday, Dec. 22, 2019, in Los Angeles. (AP Photo/Michael Owen Baker)Los Angeles Lakers center Dwight Howard, center, defends the basket against Denver Nuggets forward Paul Millsap, right, during the first half of an NBA basketball game Sunday, Dec. 22, 2019, in Los Angeles. (AP Photo/Michael Owen Baker)Los Angeles Lakers guard Rajon Rondo, right, attempts a layup against Denver Nuggets center Nikola Jokic during the first half of an NBA basketball game Sunday, Dec. 22, 2019, in Los Angeles. (AP Photo/Michael Owen Baker)Denver Nuggets head coach Michael Malone, center, applauds as his team extends their lead against the Los Angeles Lakers during the second half of an NBA basketball game Sunday, Dec. 22, 2019, in Los Angeles. The Nuggets won 128-104. (AP Photo/Michael Owen Baker)Denver Nuggets center Mason Plumlee scores following a lob pass over Los Angeles Lakers center Dwight Howard during the second half of an NBA basketball game Sunday, Dec. 22, 2019, in Los Angeles. The Nuggets won 128-104. (AP Photo/Michael Owen Baker)Los Angeles Lakers forward Anthony Davis, left, and guard Kentavious Caldwell-Pope reach for a rebound against Denver Nuggets guard Malik Beasley during the second half of an NBA basketball game Sunday, Dec. 22, 2019, in Los Angeles. The Nuggets won 128-104. (AP Photo/Michael Owen Baker)Los Angeles Lakers forward Anthony Davis, left, and Denver Nuggets forward Paul Millsap fall to the ground after a foul by Davis during the second half of an NBA basketball game Sunday, Dec. 22, 2019, in Los Angeles. The Nuggets won 128-104. (AP Photo/Michael Owen Baker)Denver Nuggets guard Malik Beasley shoots a layup past Los Angeles Lakers forward Anthony Davis during the second half of an NBA basketball game Sunday, Dec. 22, 2019, in Los Angeles. The Nuggets won 128-104. (AP Photo/Michael Owen Baker)Denver Nuggets guard Gary Harris, front, passes under Los Angeles Lakers forward Anthony Davis during the second half of an NBA basketball game Sunday, Dec. 22, 2019, in Los Angeles. The Nuggets won 128-104. (AP Photo/Michael Owen Baker)Los Angeles Lakers forward Anthony Davis falls into the crowd while chasing a loose ball during the second half of an NBA basketball game against the Denver Nuggets Sunday, Dec. 22, 2019, in Los Angeles. The Nuggets won 128-104. (AP Photo/Michael Owen Baker)Denver Nuggets guard Gary Harris goes for a fast break dunk as Los Angeles Lakers forward Anthony Davis pursues during the second half of an NBA basketball game Sunday, Dec. 22, 2019, in Los Angeles. The Nuggets won 128-104. (AP Photo/Michael Owen Baker)Los Angeles Lakers injured guard LeBron James cheers his team during the first half of an NBA basketball game against the Denver Nuggets on Sunday, Dec. 22, 2019, in Los Angeles. The Nuggets won 128-104. James sat out the game because of a thoracic muscle strain. (AP Photo/Michael Owen Baker)NextShow Caption1 of 16Los Angeles Lakers injured guard LeBron James cheers his team during the first half of an NBA basketball game against the Denver Nuggets on Sunday, Dec. 22, 2019, in Los Angeles. The Nuggets won 128-104. James sat out the game because of a thoracic muscle strain. (AP Photo/Michael Owen Baker)ExpandLOS ANGELES — Unlike his trademark unibrow, Anthony Davis does his best work in a pair.That’s not to say that the 26-year-old’s 32-point, 11-rebound, four-block game on Sunday night didn’t make him look like a star. But the performance came without a win, which has become the ultimate bottom line in a Lakers (24-6) season with renewed championship aspirations.It was telling that even as Davis checked back in to start the fourth quarter, the visiting Denver Nuggets (20-8) kept on pulling away. In a 128-104 loss — the Lakers’ third straight and the largest margin of defeat this season — it was clear that Davis sorely lacked his running mate, LeBron James.Frank Vogel said it himself before tip-off Sunday: No one player could replace what James does for the Lakers. But what the game itself made clear is that a group of players can’t quite replace him either — a chilling thought with James’ status in question for a Christmas blockbuster against the rival Clippers. Davis was most frustrated with the factor that he felt was most in the Lakers’ control, even without James: defense. He chalked up Denver’s second-half avalanche to his team not bringing enough effort to the table.“We can’t allow slippage on the defensive end,” he said. “The more we do that, the more teams see that and try to attack our weaknesses.”The most effective card in the Lakers’ deck were post-ups to Davis that he made look brilliant, throwing spins and floaters and crossovers from his repertoire to produce points against defenders ill-equipped to keep up. But outside of Davis, the rest of the team shot just 43 percent. No other Lakers starter finished with double-digit points.Related Articles Newsroom GuidelinesNews TipsContact UsReport an Error Lakers practice early hoping to answer all questions Rajon Rondo, who slid into the lineup in James’ place, led with eight assists, but was just 2 for 8. Entering the starting lineup for the first time since his hairline fracture in his leg, Avery Bradley had six points on 2 for 8 shooting.The most compelling Laker outside of Davis was Kyle Kuzma, making his return to the floor for the first time in two weeks. He required 15 shots for his 16 points, but added hustle plays that inspired confidence that his ankle soreness is behind him.The Nuggets led a balanced attack, with six players in double figures. Paul Millsap led with 21 points.The Lakers worried a little that Davis, who has been playing through ankle soreness, might’ve tweaked his right knee. He played through discomfort in the fourth quarter and told reporters after the game he was feeling OK.James did not stay until the final buzzer, exiting the court with a few minutes left in the blowout.“It’s kind of hard just to next-man-up LeBron,” Kuzma said. “He does so much.”center_img How athletes protesting the national anthem has evolved over 17 years Lakers, Clippers schedules set for first round of NBA playoffs AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersWhen asked what the Lakers missed most with James’ absence, Vogel laughed. Where exactly can you start?“It’s hard to say with something like that,” he said. “All over.”True, the Nuggets are the No. 2 team in the West trailing the Lakers, and they entered the game playing their best basketball of the season while extending a winning streak to six. But the change in tenor from the two teams’ earlier meeting this month — in which Davis played a starring role while fighting through illness — was striking.A two-point game at halftime, the second half slid completely in Denver’s favor with the Nuggets outscoring them 73-51. While James’ scoring was certainly missed, the most irreplaceable element was his ball-handling and playmaking: The Lakers had more turnovers (19) than assists (18).The giveaways allowed the Nuggets to wallop the Lakers in transition, racking up 22 fast-break points. While the game started getting away as Denver took a double-digit lead in the third, Gary Harris announced the rout was on with a transition bucket followed by a three to stretch the margin to 18 in the opening minute of the fourth. Trail Blazers beat Grizzlies in play-in, earn first-round series with the Lakers last_img read more