Interest rate is going up in two weeks ,rent is over the top high ,and there’s no inventory on homes …WTF-_-
— Cardi B (@iamcardib) September 16, 2022
Entertainer Cardi B took to Twitter to express her concern about the current housing market, specifically high interest rates and rent as well as the current lack of inventory.
She’s not wrong. According to an article HousingWire Reporter Bill Conroy, “The economic standoff between rising inflation and rising interest rates continues to weaken the housing market nationwide, with home sales falling across all 12 Federal Reserve districts, according to the Fed’s latest Beige Book report.”
Rents have continued to rise. Despite that, according to Realtor.com, higher mortgage rates are making potential buyers reconsider homeownership, a monthly rental report published by Realtor.com found. As a result, more than three-quarters of people surveyed in the 50 largest metros favored renting in June, compared to just under half those markets in January, the report said.
Redfin’s economist Daryl Fairweather immediately responded to Cardi B with her own take. “Homeowners gained record equity in 2021 and locked in 3% mortgage rates. Why would they sell? If they buy again, they get a 6% rate. And, they can just wait until there’s even more buyers competing for homes. Redfin CEO Glenn Kelman, responded, “If CardiB replies to you, I am dying and heading straight to heaven.”
If CardiB replies to you, I am dying and heading straight to heaven.
— Glenn Kelman (@glennkelman) September 16, 2022
At press time, Cardi B has not yet replied to the Redfin team.