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Well discuss those reasons here, as well as what the Shark Tank star saidfamilies should do about homeownership.
Buying a home will remain extremely challenging for most Americans, OLeary explained.
Just two years ago, OLeary said, rates were at 3.5%.
OLeary said that plans to throw money at the problem by building more housing wouldnt work, either.
Its going to cost more inflation, he told Fox News.
Weve been throwing money at a lot of things.
The only way to make [the housing market] work is to increase supply, he explained.
But how can we increase supply without increasing inflation at the same time?
According to OLeary, the housing supply is stagnant because nobody is moving out of their homes.
Why doesnt anyone want to move out?
Its too expensive to make that move.
What Is the Feds Role in the Housing Crisis?
How can it be solved?
However, OLeary also said that he doesnt expect the Fed to lower rates any time soon.
That leaves would-be homeowners in a tight spot but OLeary did have some advice for them.
Were really stuck in that freeze, he said.
Its a really, really unique situation that we havent seen in a long time.
Whats their best option?
The rule of thumb is simple, OLeary explained.
Of course, its not easy to get to 35%.
For many middle-class families, it will require lifestyle changes and cutbacks.
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