Breitbart economics and finance editor and author John Carney said Wednesday on Fox Business Network’s “Kudlow” that the U.S. housing market had “gone berserk,” creating the “least affordable housing market we ever had.”
Anchor Larry Kudlow asked, “Mortgage rates closing in on 8%, that cannot be good, cannot be good for the housing market. And related, consumers live on those mortgage rates, also, right? They borrow home equity loans, this stuff is going way up, too expensive.”
Carney said, “It is going way up and bizarrely–
Kudlow said, “It is unaffordable.”
Carney said, “As I said at “Breitbart Business Digest” the housing market has gone berserk because housing prices are rising. It is created the least affordable housing market we ever had becuse you’re paying high rates and high prices. When you look at income, prices are out of control, mortgages are out of control.”
He added, “The question I’m worried about what happens when the fed starts to cut? Then interest rates start to go down, we’re in danger of a really huge housing boom at that point because if prices maintain their height with interest rates near 8%, imagine what happens when interest rates drop down to 5 or 6%.”
Follow Pam Key on Twitter @pamkeyNEN
COMMENTS
Please let us know if you're having issues with commenting.