Mauricio Umansky Forecasts Perfect Storm for Housing Unaffordability
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Celebrity real estate agent Mauricio Umansky warns of a "perfect storm of total unaffordability" in the housing market due to high interest rates, low mortgage applications, and lack of supply.
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Umansky says prices likely won't drop until there is more "pain" and supply in the market.
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Reasons cited for low housing inventory include a decline in home building, buyers and sellers refusing to move, and hedge funds buying up single family homes.
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Democrats have proposed taxing hedge funds that own excessive single family homes to fund down payment assistance programs.
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Umansky suggests some government intervention may be needed to limit hedge funds' ability to buy up homes and reduce supply.