00:00It's not just the stock market that's reaching new highs. It's also the housing market, which
00:04right now isn't making any sense. And real estate is usually one of the most sensitive markets to
00:09rate hikes, because when interest rates go up, it makes it more expensive to buy a house,
00:14which means prices have to level out and come back down. But instead, the opposite is happening.
00:19There's a couple of reasons why, but long story short, everyone is locked into their houses.
00:2399% of borrowers have an interest rate that's less than 6%, and no one wants to sell their
00:29house and trade it for an even higher mortgage rate. And because homeowners are not selling,
00:33inventory is still extremely low, which all just means that the housing market is not correcting
00:38in the way that people were expecting, except for in the areas that went up the most during
00:44the pandemic. That's the simple version.
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