The bank said home prices will stay high and go even higher. The housing shortage will persist. And mortgage rates may not fall much — even if the Federal Reserve finally delivers long-delayed interest rate cuts. ...
"This will take many years to work itself out. There isn't a magic fix," Michael Gapen, head of US economics at Bank of America, told CNN in a phone interview. "The message for first-time homebuyers is one of patience and frustration." ...
Bank of America warns the lock-in effect could persist for another six to eight years, keeping a lid on supply during that time.
This is how out of touch with reality banksters are with society. To them, this is a problem that can't be fixed. There's not enough supply and people won't move. So for the better part of the next decade housing costs will stay high, go higher and people will be frustrated. Do they really think we can keep going with more homeless every year for another 8 years? They don't see the connection between homelessness and lack of affordable housing? ???
The solution is OBVIOUS. START BUILDING MORE HOMES! Affordable homes! Not 2 bedroom apts that go for $3500/mo. If the private sector won't build them, da goobermint needs to do it. Starting yesterday, not 8 years from now.
WTF isn't there some politician who will step up and suggest this ASTOUNDINGLY OBVIOUS solution? ??? ??? ???
https://www.cnn.com/2024/06/27/economy/housing-market-prices-inflation/index.html
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The housing market is ‘stuck’ until at least 2026, Bank of America warns
Started by RE Jun 30, 2024, 03:41 AM
Message path : / Society / The American economy / Real Estate REgurgitations #30
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