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Corcoran Group founder Barbara Corcoran discusses the loss of Los Angeles’ house for firefighters, Governor Gavin Newsom, president of Donald Trump, household insurance companies, which cancel policies and US mortgages.
One of the most important experts in the nation and the “Shark Tank” entrepreneur says the sunny sky is not shining in the America’s real estate market.
“No one wants to move and (there are) fewer houses to choose at higher prices. So it is difficult for homeowners.” said Corcoran Group founder Barbara Corcoran “Morning with Maria”, Thursday.
Mortgage houses decrease by “a fraction of a point”, “Corcoran pointed out while responding to 30 -year fixed interest rates, which fall to 6.96%, the lowest level of six weeks. From Thursday, the 15 -year fixed loan was 6.21% .
However, Corcoran believes that prices are not low enough for sellers to list their homes. In December, Redfin reported that more than half (54.5%) of the houses on the market were noted for more than 60 days, many are too expensive for prospective customers.
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“Mentally, this affects the housing market because people are expecting very good news, and one -tenth of the point is not really good news. It has become 7 (out of 7 percent) 6.9,” he explained. “From a psychological point of view, this makes a difference, but since interest rates remain high, it actually causes fewer houses on the market.”
Barbara Corcoran, founder of Corcoran Group, shares good and bad news about American homes on Thursday. (Getty Images)
In fact, the real estate expert does not believe that house prices will soon fall.
“I don’t think the sellers are sincerely realistic. Their house is always worth more,” Corcoran said.
Corcoran Group founder Barbara Corcoran claims that the huge mortgage loan decline would be “huge” for markets during the appearance of “Cavuto: Coast to Coast”.
“I don’t think prices are shaking at all. I think they will keep the interest rates falling again. And what is it for them?” he continued. “This is another six months. And many sellers have very low interest rates that they do not want to give up.”
This current stagnant market was preceded by an activity leading to high demand during pandemia, but slowed down significantly as the soaring home prices and mortgage loans led to a continuous affordability crisis that made home ownership available to many Americans.
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Serhant. The founder and the leader of “Manhattan” leader Ryan Serhan breaks down the latest data around the real estate around the United States, stating that the record of affordability begins with the opening of credit doors and the liberation of federal land for house building.
Some pockets of optimism can be found in the luxury housing market, as Corcoran noted that these transactions will be doubled by the national average.
“I really like the luxury market. I hate to say I’m very bullish, especially in the warm climate. All prices … almost doubled at the national average. And that’s a very good meaning card.”
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Fox Business Breck Dumas contributed to this report.
