Housing prices are what's driving inflation, says Enterprise Community Partners' Shaun Donovan
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- Опубликовано: 3 окт 2024
- Andy Walden, vice president of enterprise research at ICE Mortgage Technology, and Shaun Donovan, CEO at Enterprise Community Partners, join 'The Exchange' to discuss the state of housing and affordability. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/42d859g
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We have plenty of housing in states like Florida or Texas. It is the states like California that has a major problem. I will say states like California needs to loosen up the regulations and speed up the construction and building process and if needed, give incentives to help build new buildings.
Some parts of California are starting to loosen up. In my zip code, 92223, I am starting to see New Construction homes pop up on Zillow with price cuts. I’m seeing $20k-$30k price cuts on new construction homes in June. Those price cuts put new construction homes cheaper than comparable older homes, so those older homes will now need to be dropped even lower.
Private equity firms will just swoop in and buy them all up at 30% over value.
Homeowners insurance companies are dropping homes sitting in high risk areas. Florida and California are 2 states with renewal denials increasing.
But place in FL or TX have jumped significantly, and the wages in those states are lower than other states like CA or NY. Those local folks are in the same boat as people in major CA cities.
I've pretty much resigned myself to the fact that I will never own a house, not necessarily because we can't afford not to, but it doesn't make financial sense to.
Why spend $3000-4000 on a house each month just to pay $100,000 in interest over the 30 years (less if you pay off sooner I guess) when you could take that money and throw it into an investment account.
We need deflation for affordable housing prices, taxes, and insurance.
Sure, but that’s not how deflation works.
The housing market does not affect inflation whatsoever. What kind of misinformation is this? Government and the federal reserve is responsible for the strength of the economy and purchasing power of the USD. It is a government note after all.
Frankly, we ain’t seen nothing yet. Housing costs are about to spike in the coming decades due to dislocations caused by climate change. When just a few areas become unlivable due to heat or fire risk, those people will be desperate to cram into the rest of housing, which is already in short supply.
I am 50 years old and have been hearing that my entire life. None of that is going to happen anytime soon. When it does, there’s more than enough land in Greenland, Canada, Russia, China, Northern Europe, and Antarctica.
Housing is a result of inflation; not what’s driving it.
Regulations are inflationary green regulations are greatly inflation government getting their hands into everything is inflation
has nothing to do with housing inflation. NEed more homes, fewer NIMBY rules.
Those NIMBY rules are some of the regulations@@Bradgilliswhammyman
@@Bradgilliswhammyman regulations are rules. 🤷🏻♂️
There are too many new homes. Look at the HOA. It’s all minimum of 300$. This covers very basic stuff. No insurance or taxes. New homes with less space and high HOA with higher interest rate is unaffordable.
@@MS-cs7gt There are definitey not "too many homes". There is something like a 3,000,000 housing shortage. We need to build 3 million houses FIVE YEARS AGO.
housing as a hauman right.
What about before houses were invented?
@MrMountain707 what a great direction to aspire towards.. single digit IQ bot.
No, housing is not a human right. That is something that people earn by working for money to put a roof over their head. I am not going to be taxed into poverty even more so the government can provide a home for people. All these so called human rights are going to make the wipe out the middle class. If you are middle class that works and is responsible for making sure all the bills get paid, then you know exactly what I mean.
Beggars can’t be choosers. Plenty of houses in less desirable areas.