{"id":36481,"date":"2015-09-17T17:25:54","date_gmt":"2015-09-18T00:25:54","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=36481"},"modified":"2020-10-06T17:08:27","modified_gmt":"2020-10-07T00:08:27","slug":"housings-chicken-or-egg-conundrum","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housings-chicken-or-egg-conundrum\/","title":{"rendered":"Housing's Chicken-or-Egg Conundrum"},"content":{"rendered":"

Which comes first, the house or the homebuyer? <\/span>
\nThese days, it\u2019s the homebuyer. The Federal Reserve kept a lid on interest rates today, citing the housing market\u2019s slow recovery as a cause for concern. Chair Janet Yellen said housing is \u201cvery depressed\u201d and \u00a0\u201cdemand for housing should be there.\u201d <\/span>
\nShe has it backward. There\u2019s plenty of demand<\/a> for housing. What\u2019s missing is supply.<\/span>
\nLook at homebuilders, a small but important part of the economy. More than anyone, they\u2019re still haunted by the financial collapse, which put trade schools out of business and dried up credit. All these years later, builders can\u2019t find skilled construction workers, can\u2019t get loans to buy lots and are having harder time getting permits from resource-strapped local governments.
\nGoldman Sachs calls it a list of \u201chard constraints\u201d. In other words, even if builders wanted to put up more houses (and they do), they can\u2019t. Which leaves us with strong demand and short supply<\/a>. <\/span>
\n\u201cYellen said housing demand isn\u2019t where it should be, but what\u2019s slowing down new construction isn\u2019t the buyers, it\u2019s the sellers,\u201d Redfin<\/a> Chief Economist Nela Richardson said. \u201cBuilders and developers are in a logjam right now because of what went down.\u201d<\/span>
\n<\/span>
\nIt\u2019s turning around, but slowly. Industry optimism<\/a> is at its highest in a decade, according to the National Association of Homebuilders. Companies are encouraged by foot traffic and sales, but that’s not yet translating to more construction<\/a>.<\/span>
\n<\/span>
\nFor now, the Fed is keeping interest rates low. Today, the cost of a 30-year, fixed rate mortgage is still below 4 percent. That’s good for buyers–and demand.\u00a0<\/span>
\n\"mortgage<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Federal Reserve Chair Janet Yellen has it backward. There\u2019s plenty of demand for housing. What\u2019s missing is supply.<\/p>\n","protected":false},"author":13355,"featured_media":36483,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,74],"coauthors":[],"class_list":["post-36481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips"],"acf":[],"yoast_head":"\nHousing's Chicken-or-Egg Conundrum - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Federal Reserve Chair Janet Yellen has it backward. 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