The White House and Republican and Democratic congressional leaders failed to reach an agreement to extend government funding on Tuesday, resulting in a shutdown of most federal government functions at 12:01 a.m. on Wednesday, Oct. 1, that will affect housing and home builders.
It is unclear how long the shutdown will remain in effect. In most cases, the short-run impacts will be minor. A long-run shutdown, lasting several weeks or a month or more, could have significant impacts on mortgage accessibility and reduce housing demand.
In general, NAHB members should expect delays for any housing-related federal government programs that are still operating and plan accordingly. NAHB continues to monitor the situation closely and is calling on federal lawmakers to act quickly to reach an agreement to fund the government.
