The highest mortgage rates in more than two decades are keeping many prospective homebuyers out of the market and discouraging homeowners who locked in ultra-low rates from listing their home for sale.
The dearth of available properties is propping up prices even as sales of previously occupied U.S. homes have slumped 21% through the first eight months of this year.
The combination of elevated rates and low home inventory has worsened the affordability crunch. Where does that leave homebuyers, given that some economists project that the average rate on a 30-year mortgage is unlikely to ease below 7% before next year?
I understand what a co-op is, but there aren’t going to be a lot of rental co-ops, ever.
ever is a really long time, you sure you want to make that definite of a statement?
there are plenty of examples of successful co-ops all over the world, after all!
why would you think the u.s. is some special, magical place where they could never ever work when they work just fine elsewhere?
Yes I am quite confident that, culturally, the US is not likely to ever have a predominance of rental co-ops.
Raise rental taxes 50% and you’ll see a lot more homeless people and not many more co-ops.