WASHINGTON (Reuters) – The White House will meet with representatives from the housing industry on Friday to discuss a supply shortage that has led to a sharp increase in home prices, according to a White House official.
The meeting will include builders, real estate firms, lumber companies, labor unions and loggers, the official said.
Sales of new U.S. single-family homes fell to a one-year low in May as the median price of newly built houses soared amid expensive raw materials, including framing lumber.
The meeting will also include Domestic Policy Council Director Susan Rice, Secretary of Housing and Urban Development Marcia Fudge, National Economic Council Director Brian Deese and Council of Economic Advisers Chairwoman Cecilia Rouse, the official said.
Details of the meeting were first reported by Bloomberg.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Need Your Help Today. Your $1 can change life.