Skip to main content

Celebrity real estate agent Mauricio Umansky warns 'perfect storm' of housing unaffordability brewing

Celebrity real estate agent Mauricio Umansky warns 'perfect storm' of housing unaffordability brewing

Celebrity real estate agent Mauricio Umansky warns 'perfect storm' of housing unaffordability brewing

Thanks for contacting us. We've received your submission.

Celebrity real estate agent Mauricio Umansky is sounding the alarm over the "perfect storm of total unaffordability" brewing in the housing market. 

Mauricio Umansky, The Agency founder and CEO, reacted to the state of the housing market after the 30-year fixed mortgage rate hit its highest level since early December.

"We've got super high interest rates above 7%. Mortgage applications are as low as they've been since 1995. And then we've got no supply," he said during his appearance on "The Claman Countdown" Wednesday. Umansky said we should not expect to see prices drop until we start "seeing some pain and some supply."

"Until we start seeing the pain and prices drop, I don't see the government dropping interest rates. So, we really need to allow the markets to be markets, and for affordability to start happening so that the government starts dropping interest rates again," he said. 

When asked about the reasons behind the lack of inventory in the housing market, Umansky cited a decline in home building, buyers and sellers refusing to move due to their existing home mortgage and hedge funds buying single-family homes.

In December, Democrats introduced the End Hedge Fund Control of American Homes Act. The bill "imposes an excise tax on hedge fund taxpayers that own a certain number of single-family residence[s] in excess of a specified amount."

The effort also "establishes the Housing Down Payment Trust Fund into which tax revenues from this bill shall be deposited to provide grants for down payment assistance to taxpayers purchasing a single-family residence." 

Despite being a proponent of free capitalism, Umansky suggested that government intervention may be necessary as Wall Street investors continue their single-family home buying sprees. 

"The government does have to get involved a little bit and perhaps, you know, figure out some way of limiting the way that the hedge funds are able to do this, because right now in Middle America, they [hedge funds] are just eating up so much product that there's just no supply hitting the market," he stressed.

Share this article:

Comments

Popular posts from this blog

Bathroom Renovations Brighton

Bathroom Renovations Selecting the right color scheme for your bathroom can change the space. Whether you prefer bright hues, the color you choose can set the mood for your bathroom. Another important aspect of a bathroom renovation is illumination. From task lighting, the right lighting can boost the functionality and aesthetics of your bathroom. Don't forget about organization. Whether it's cabinets, having enough storage can keep your bathroom tidy and efficient. Lastly, conside Bathroom Renovations Brighton Renovation Pros 0466 344 447 20 Mcarthurs rd Altona North, Vic , 3025 https://sites.google.com/view/aussie-bathroom-renovations/brighton Supporting Sources target url Bathroom Renovations Brighton folder top Bathroom Renovations Brighton photo Bathroom Renovations Brighton photo Bathroom Renovations Brighton photo Bathroom Renovations Brighton photo Bathroom Renovations Brighton photo Bathroom Renovations Brighton spreadsheet Bathroom Renovations Brighton f...

Screw Piles St. Albert Alberta | Call Now: (780) 900-4507 | Screw Piles Edmonton Alberta Canada Updated On: June 22, 2022 at 03:03PM

Screw piles or Helical Piers are the superior foundation choice over most other building alternative in the Edmonton area. If you're looking to repair or build a foundation using helical screw piles, then we can help. The Edmonton Screw Pile Pros are an Edmonton based screw pile installer. Locally owned and operated by the Formstone Contracting family business. We have the best and most experienced team of screw pile installers. Our crews are fully insured and covered under WCB. Having been a Screw Pile Pros Edmonton Screw Pile Pros Edmonton Alberta Canada (780)900-4507 https://business.google.com/website/screw-piles-edmonton Supporting Sources document Screw Piles St. Albert Alberta document pub Screw Piles St. Albert Alberta pub document view Screw Piles St. Albert Alberta view MS Doc Screw Piles St. Albert Alberta PDF Screw Piles St. Albert Alberta Screw Piles St. Albert Alberta Screw piles or Helical Piers are the superior foundation choice over most other buil...

Corporate Video Services in Los Angeles

Do you have a company or non-profit organization and you want to make an awesome impression? You need some cooperate videos or a corporate profile video to catapult your business to the next level. With us, you will catch your audience’s attention and make a meaningful impact on a corporate video shoot done by the Apex Photo Studios Video Team found in beautiful downtown LA. What We Offer In this digital age, a video is a must-have for your company, business or organization to showcase your uniqueness. Whether you want to engage employees or convert clicks to customers, our corporate video services in Los Angeles helps you build your brand and grow your business. Let’s craft a valuable resource you can be proud of which your audience will love. At Apex Photo Studio, we will help you make your story look presentable because we know your company has a compelling story to tell. We will handle the filming. After that comes editing and animation work, where your story and creative idea...