Real estate is still waiting for mortgage rates to come down, economist says

US existing home sales fell below April estimates, reporting a figure of 4.14 million for the month while declining more than expected by 1.9% month-over-month. Realtor.com Chief Economist Danielle Hale helps Yahoo Finance look deeper into the housing data and what it signifies for forthcoming improvements in the housing market.
"For existing homeowners who are maybe reasonably happy with their home, but ready to make a trade either up or down or to something different, it is really expensive to try to get a mortgage at a 7% rate, compared to their current rate," Hale explains. "90% of them are under six and two-thirds are under 4%. so it makes it a lot more expensive to move."
She also expects real estate market and buyer activity to "ramp up" with every little decline in mortgage rates, but forecasts it to still be a "slow comeback."
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[@Cards36555]

They need to be 3.5 or 4%

[@Seanpfree]

That would unleash a massive wave of inflation. Due to the Trump tax cuts the wealthiest 10% have more resources than ever before in history. Allowing them to buy along with the other 90% by lowering interest rates would skyrocket prices on everything.

[@Seanpfree]

"Trickle Down Economics"
How'd that work out?
The biggest wealth gap in human history.
The result of our leaders cozy relationship with corporations.
Neither party has our interest at heart. They continue business as usual: enriching themselves and the elite class they belong to.
First-time home ownership is a thing of the past.
Child care costs 1/3 annual income PER CHILD.
Wages are barely rising after 5 decades of stagnation.
Every working class family HAS to have both parents working just to break even.
Gen Z and millennials will never be able to retire.
Do you really wonder why we're doom spending? Not having kids? Not getting married?
We know the majority of us will not have the same standard of living our parents did.
This economy left us behind while sticking us with a 40 trillion dollar debt.
Record profits, booming stock market only benefit the elites and ppl with assets. This is the largest wealth gap in history. We were forced out of the economy, it wasn't by choice.