Shark Tank's Kevin O'Leary gives stark warning about housing market in these three states
SUMMARY
Shark Tank's Kevin O'Leary has raised concerns about the housing markets in Texas, Florida, and Tennessee. He notes that homeowners, enjoying low mortgage rates below 6%, are hesitant to sell due to significantly higher borrowing costs exceeding 7%. This reluctance has led to a shortage of homes for sale, particularly affecting these states. Despite recent Federal Reserve interest rate hikes doubling mortgage expenses, demand for housing remains robust. O'Leary pointed to the unexpected resilience of the housing market amid these rate increases, attributing it partly to historical norms.
