Published by FOX Business | January 6, 2023
Brian Lewis argues that there is ‘no national market’ on ‘The Claman Countdown’
One real estate expert issued a warning to Americans that the U.S. is suffering from a housing inventory crisis that could further damage the market.
“Here’s the thing about America — we don’t have inventory. Guys, it is tight out there,” real estate broker Brian Lewis said on “The Claman Countdown” on Thursday. “In New York City, it’s tight. In Richmond, Virginia, it’s tight. In some areas of Chicago, it’s tight. My Los Angeles offices are saying that it’s tight out there, too. The buyers have way more power, let’s be clear. And there are fewer deals being done.”
Lewis stressed his claim that “America needs more housing” by making a verbal “note” to developers to “get out there” and “build us some more housing.”
Lewis added that although buyers have “way more power” than the sellers, they are still suffering from meager housing options.
“The alternative is renting, guys. And the last time I checked, rents are going up and up and up,” he further warned.
In addition to the burden of a “tight” housing inventory, buyers are also trying combat higher interest rates.
“There are some trends that we can see now when we go from interest rates of 2%. You were talking a 3%, I’ve got a 2% [interest rate] myself,” Lewis said. “So it’s like, wow, that’s hard to get out of your mouth, right? But when you go from there, to 6%, the dollar costs more. Something’s got to give.”
New data from the Mortgage Bankers Association shows that mortgage application volume hit its lowest level in more than 20 years in the last week of December.
