The U.S. housing market is facing unprecedented challenges.
On the one hand, America has a critical housing shortage, with a recent study finding the U.S. is short 3.8 million homes.
But on the other hand, mortgage rates are skyrocketing, recently rising to almost 7%, from only around 3% at the start of the year. This has made mortgages unaffordable for many.
Indeed, U.S. home sales fell for the eighth month in a row in September, the longest slump since 2007. And as a result, homebuilders are scaling back production over fears about demand, even amid the housing shortage.
So recently, I sat down with Field Notes Managing Editor Ciaran Madden to discuss these huge housing challenges in America and how they will impact ordinary home owners and investors in the months and years to come.
Check out the video of our conversation below…
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