Housing prices are skyrocketing in South Dakota. Brent Adney is the director of home ownership programs for the South Dakota Housing Development Authority. He says low interest rates are decreasing the supply of homes and driving up prices.
“There is a shortage of affordable homes. It seems like with the interest rates so low people are just staying put and they’re maybe refinancing which is not then creating that supply that we would normally see this time of year.”
So the authority is making changes to help low- and moderate-income buyers.
The authority is eliminating its 1 percent loan-origination fee. It is also increasing the amount of assistance it offers buyers for down payments and closing costs.