With U.S. home sales volume at 'rock bottom,' little construction and rising mortgage rates, Redfin CEO Glenn Kelman warns the real estate industry will have 'a tough 2023.'
FOX Business correspondent Madison Alworth shares why for many first-time homebuyers, the American dream is delayed as a result of high mortgage rates and home prices on 'Varney and Co.'
"It's time for local governments to step up and state governments and federal governments, get their red tape out of the way, let us do our jobs and put more supply in the market," NAHB CEO Jim Tobin also said Tuesday on ""It's permitting times," he clarified. "Our builders are happy to go through the permitting process, that's part of the land development process.
Kelman expressed that many Americans would be "shocked" to see "how little" $1 million buys in certain markets. "People feel like they have to win the lottery just to be able to buy a home and start a family. And that is just a real challenge for the American dream," the Redfin exec said. "So the only solution to that is obviously more inventory."
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