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Thoughtful Money with Adam Taggart
Housing Market Is "Going To Be Tough Going Forward" | Ivy Zelman
Aug 13, 2024
Ivy Zelman, a real estate expert and Co-Founder of Zelman & Associates, discusses the tumultuous state of the housing market. She highlights the stark divide between high vacancies in the commercial sector and stagnant residential home prices despite soaring mortgage rates. The conversation touches on the unaffordability crisis, the plight of younger generations in homeownership, and innovative solutions like cohabitation. Ivy also emphasizes the need for policy reforms and adaptive strategies to navigate the evolving landscape of real estate.
01:10:52
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Quick takeaways
- The U.S. housing market is experiencing unprecedented stagnation, characterized by a sharp decline in transactions and historic affordability challenges.
- Despite rising mortgage rates, residential home prices have remained high due to limited inventory and an increasing presence of cash buyers.
Deep dives
Current State of the Housing Market
The U.S. housing market is currently facing significant challenges, marked by high levels of unaffordability, low inventory, and a sharp decline in transaction volumes. Affordability has reached historic lows, seen through the strained ability of average consumers to purchase homes. Transactions have plummeted to levels not observed since previous recessionary periods, creating a ‘frozen’ market where homes are not changing hands. This stagnation, coupled with an ongoing lack of available properties, indicates a tough environment for both buyers and sellers.
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