[Congressional Record Volume 168, Number 120 (Wednesday, July 20, 2022)]
[House]
[Page H6887]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       HOUSING MARKET NEEDS HELP

  The SPEAKER pro tempore. The Chair recognizes the gentlewoman from 
California (Mrs. Torres) for 5 minutes.
  Mrs. TORRES of California. Madam Speaker, I rise today to express 
concern about the building material supply change bottlenecks and 
elevated construction costs that continue to put a damper on the 
single-family housing market.
  For the first time since June 2020, both single-family starts and 
permits fell below a 1 million annual pace. Additionally, builder 
confidence in the market for newly built single-family homes declined 
for the seventh straight month in July, falling 12 points to 55.
  According to the National Association of Homebuilders and the Wells 
Fargo Housing Market Index released just this week, this marks the 
lowest HMI reading since May 2020 and the largest single-month drop in 
the history of the HMI, except during the pandemic.
  Building material prices during the pandemic have hit record highs 
with low stock, and prospective buyers are faced with unaffordable home 
prices as a result. Affordable housing is a critical need in the Inland 
Empire, the district that I represent, and I urge the administration to 
prioritize the ability and the availability and price of lumber to make 
more homes affordable.

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