The highest mortgage rates in more than two decades are keeping many prospective homebuyers out of the market and discouraging homeowners who locked in ultra-low rates from listing their home for sale.
The dearth of available properties is propping up prices even as sales of previously occupied U.S. homes have slumped 21% through the first eight months of this year.
The combination of elevated rates and low home inventory has worsened the affordability crunch. Where does that leave homebuyers, given that some economists project that the average rate on a 30-year mortgage is unlikely to ease below 7% before next year?
The issue is not the number of houses, it’s who owns them. There are 16 million houses with nobody living in them because private investors are buying them purely as an investment.
Where are those houses? Nowhere anyone wants to live
That’s fine, there are other homebuyers than you
I mean, The Grand Tour bought a house for $2200 in a bad area of Detroit that nobody wanted. There are a shitload available starting at around $500. Have at it.
https://tiremeetsroad.com/2022/10/13/did-the-grand-tour-really-buy-a-house-in-detroit-for-2200/
That’s not true at all. Most of the houses are in prime areas, otherwise they would be bad investments for the people buying them.
Nobody wants to live on the streets usually either?