Certain parts of the country are facing a dearth of existing homes for sale because of high mortgage rates.
The housing markets in Texas, Florida and Tennessee face pressure as homeowners with low mortgage rates are staying put and are reluctant to put their homes on the market at a time when borrowing costs for home loans are high, investor Kevin O'Leary told Newsweek. The U.S. Federal Reserve began hiking interest rates more than two years ago in response to rising inflation that at one point soared to four-decade highs.
People leaving those parts of the country are moving to places like Miami, Florida, and Austin, Texas, in search of a cheaper cost of living, which has put pressure on those markets by increasing demand for homes that in turn has pushed up prices.'If you were looking at a map of...where housing is particularly strong, it coincides or correlates with more attractive tax policy,' O'Leary said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kevin O'Leary Raises Alarm on Insurance CostsThe costs of insurance coverage for homes and cars have consistently gone up in recent years.
Read more »
“The Veteran Red Rangers:” Power Rangers’ Coolest Team Only Fought Together OnceMighty Morphin Red, In Space Red, and Zeo Red in Power Rangers
Read more »
Kevin O'Leary Issues Warning About Restaurants NationwideInflation and pandemic-era shifts could be devastating for the sector, the Shark Tank star said.
Read more »
Kevin Costner trusts exactly one filmmaker with his biggest ideas: Kevin CostnerThe Western juggernaut knows there's only one right man for the job of directing him.
Read more »
Kevin Bacon, Kyra Sedgwick make rare red carpet appearance with both kids at 'MaXXXine' premiereKevin Bacon, Kyra Sedgwick make rare red carpet appearance with both kids for 'MaXXXine'
Read more »
Ex-Trump Lawyer Raises Red Flag on Aileen Cannon: 'Partisan Prima Donna'Cannon, a Trump appointee who has been accused of bias, is overseeing the former president's federal classified documents case.
Read more »