Business Rundown: Homebuyers Hit An Affordability Wall

The Fox News Rundown

FOX News Podcasts

Daily News, News, Politics

3.4 • 1.7K Ratings

🗓️ 27 May 2024

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

The National Association of Realtors reported existing home sales fell 1.9 percent in April. Where’s the problem? Some experts say supply—not enough houses are being built or listed. Others say mortgage rates, and most Americans say they can’t buy a house without a home loan. Fox Business correspondent Gerri Willis speaks to Bankrate Senior Economic Analyst and Washington Bureau Chief Mark Hamrick about how the prices of houses got so high. He explains why the Federal Reserve decisions directly affect many people’s mortgage payments, the trend of wealthy investors snatching up the most affordable homes first, and just how far the average American should go to find their dream home and actually buy it. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi all how we doing afternoon afternoon let's get this meeting meeting meeting
0:05.9	started when everyone's home when everyone's home ee work mode prioritizes your broadband for working from home, with faster speeds in more places than anyone else.
0:18.0	So, yeah, yeah, I've got you loud and clear, clear is about.
0:21.0	This is broadband made for working from home.
0:24.0	Search EE broadband, powered by BT.
0:26.7	Work mode with EE Smart Hub Plus to verify the EE.
0:28.9	C EE. K. slash claims.
0:30.1	I'm Jerry Willis and this is the Fox Business Run Down.
0:34.0	Monday, May 27, 2024.
0:40.0	Buying a house is a dream for 2024.
0:42.8	Buying a house is a dream for so many Americans, but with high prices, higher mortgage rates
0:48.9	in the scarce inventory of affordable housing, well, that dreams on hold for some folks. If you think buying a car
0:54.8	is consequential well what about a house right especially if you're at or above
0:59.3	the sort of median home price in the country of $400,000 or above.
1:04.2	That's a substantial chunk of change.
1:07.5	A hit in the housing market as the National Association of Realtors
1:11.2	reported this week that existing home sales fell 1.9% in April.
1:16.0	Meanwhile, the median price of previously owned homes rose to an estimated $407,000. That's a record high. So as the housing market suffers turbulence,
1:27.6	many are pointing to the symptoms that could be causing this. Supply, some experts say, is the problem. Not enough houses available to buy,
1:35.6	bringing property prices higher. Others say mortgage rates, which is the amount of interest
1:40.9	you have to pay on your home loan.
1:43.0	When inflation is out of control and the Fed is changing rates, that is raising them, that's
	...

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