Business Rundown: Homebuyers Hit An Affordability Wall
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.
