Shark Tank's Kevin O'Leary has singled out the three states where homeowners are reluctant to sell their properties.
Those in Texas , Florida , and Tennessee are currently enjoying low mortgage rates and would likely double their payments if they moved to another state.
Over the last two years, the U.S. Federal Reserve 's hiked interest rates in an effort to curb inflation .
Homeowners in Texas , Florida , and Tennessee have become reluctant to sell their properties because they're on low mortgage rates and don't want to borrow at current far higher rates. Pictured, South Beach, Miami, Florida
Homeowners that were locked in lower mortgage rates are deterred from selling and facing new loans at over 7 percent interest, investor and Shark Tank personality Kevin O'Leary said
'So you've got an artificially low number of existing housing units not coming on the market. That's particularly evident in Florida, Texas, Tennessee and other markets.'
More details: Found here
No comments:
Post a Comment