Macro Trends Advisors Founding Partner Mitch Rochelle Speaks Out About FOX Business “Varney & Co. that Delta variant problems make more and more families think moving to the suburbs if city schools go virtual this autumn.
MITCH ROSHELL: This whole Delta variant and the notion that schools could be disguised or partially virtual made people living in cities, not just New York, pick up phones, call realtors, go online and look at houses. … in the suburbs and ask a very important question: what is your local school going to do this fall?
In the suburbs [the inventory shortage] relaxed a little. However, we still say that this is only part of what was a year ago, and even most of what was at its peak during the housing crisis.
[Low supply and higher prices are] certainly hurting new home buyers. The only good news is mortgage rates, which fell as the 10-year Treasury declined. So it helps a little. But the reality is that first-time home buyers are under pressure as prices rise in double digits – 20% year on year in some markets.
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