Housing Market Sees Renewed Optimism
The housing market is seeing renewed optimism among homebuyers and builders as we head into 2023, according to Tim Rood, SitusAMC Head of Industry Relations, who spoke with Neil Cavuto on Fox Business News on January 19.
Mortgage purchase applications spiked 25% in the week ending January 13 as interest rates fell to their lowest level in four months. But can inventory keep pace?
“While the government is doing everything they can to work on the demand side, if you're not working on the other side of this thing it’s completely out of balance,” Rood said. “There are really no incentives for builders. There are no incentives from the federal government to the states to change zoning or land use laws. And that really is the missing kind of link in the chain right now.”