Real Estate Mogul Warns Perfect Storm Causing Housing Affordability Crisis
• Celebrity real estate agent Mauricio Umansky warns of "perfect storm" making housing unaffordable • High interest rates, low mortgage applications, and tight supply driving affordability crisis • Umansky says prices won't drop until there is more inventory and "pain" in the market • Decline in home building and hedge funds buying homes contributing to low supply • Umansky suggests some government intervention may be needed to limit hedge funds impact