341: Housing Affordability Crisis and the Impact of the NAR Lawsuit on Real Estate with Rick Sharga

Jason welcomes real estate analyst Rick Sharga. Rick discusses the housing market and economic trends. Despite concerns of a crash, he suggests a slow period with modest price increases rather than a downturn. He dismisses crash predictions, highlighting historical data showing home prices generally rise during recessions. Sharga addresses factors like consumer spending, job growth, inflation, and Fed policies influencing mortgage rates. He acknowledges the possibility of a mild recession due to Fed actions but emphasizes it may not significantly impact real estate if inventory remains low and distressed sellers are scarce.

Rick also dives into the NAR lawsuit and the current state of the housing market, highlighting mortgage rates near 20-year highs affecting purchase loan applications and pending home sales due to decreased affordability. He anticipates gradual mortgage rate declines attracting more buyers than sellers, likely resulting in increased competition and rising prices. Existing home sales show a 6.5% year-over-year price increase, while new home prices have decreased by 15% from peak levels. Investor purchases remain robust, primarily driven by individual investors rather than institutions. Flipping activity has declined due to pricing challenges, but gross profits are improving, indicating a potential resurgence. 

#RickSharga #RealEstateTrends #HousingMarket #HomeSales #MortgageRates #NARLawsuit #AffordabilityCrisis #MarketAnalysis #FoxBusinessInsights

https://cjpatrick.com/

 

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