By Paul Maryniak | The Mesa Tribune
With interest rates pushing 7.8% last week on a 30-year fixed mortgage, a far steadier – and worsening – problem continues casting a pall on the housing market in the East Valley and across the nation: an historic low inventory of homes.
Locally, the problem is getting so dire that one of the leading analysts of the Valley’s housing market declared last week: “The re-sale market is unhealthy.”
“Demand is low and getting weaker,” it said, adding: “supply is very low and not improving much, if at all. There are few buyers and not much for them to buy.”
Nationally, the problem is so dire that Realtor.com declared last week, “The nation is in the clutches of the largest housing shortage it’s ever experienced – and there’s no relief on the horizon.”
