President Donald Trump speaks to reporters as he leaves the White House in Washington on Sept. 7, 2025. (AP Photo/Jose Luis Magana)
Housing and Urban Development (HUD) Secretary Scott Turner told FOX Business on Tuesday that talks were ongoing on the issue but declined to make any firm declarations ahead of Trump.
"Those discussions are being had, not just from an emergency declaration standpoint, but what can we do in order to bring the costs down… and bring the supply up," Turner said.
Home prices have skyrocketed in recent years, outpacing wage growth and making small houses that were once considered "starters" for young families out of reach for millions of Americans.
Zoning restrictions, high building costs, regulatory issues and insufficient levels of new construction have all been named as reasons for the current crisis.
Additionally, new tariffs on materials like steel, aluminum and lumber are projected to add about $10,900 to the cost of building a new single-family home, according to the National Association of Home Builders.
Scott Turner appears before the Senate ahead of his confirmation vote to serve as HUD secretary. (Getty Images)
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Flood also stressed that housing affordability is a key election issue for Americans.
"Since 2020, we've seen 20% inflation, home insurance premiums are more expensive, mortgage rates are higher. You know, you've got all these rules in the federal programs that make it nearly impossible to be really effective with the assistance that HUD provides," Flood said.
"And with the president doubling down on an issue that I am very passionate about, I think that this is going to resonate with Americans, because this is what people are talking about."
FOX Business' Kevin Gora contributed to this report.
Elizabeth Elkind is a politics reporter for Fox News Digital leading coverage of the House of Representatives. Previous digital bylines seen at Daily Mail and CBS News.
Follow on Twitter at @liz_elkind and send tips to elizabeth.elkind@fox.com
https://www.foxnews.com/politics/trumps-rumored-housing-emergency-would-game-changer-key-gop-lawmaker-says