Macro Trends Advisors founding partner Mitch Roschelle argued on FOX Business' "Varney & Co. that Delta variant concerns are pushing more families to consider moving to the suburbs if city schools go virtual this fall.
MITCH ROSCHELLE: This whole Delta variant and the notion that perhaps schools may be masked up or partially virtual has got people who live in cities -- not just New York -- picking up the phone, calling realtors, going online, and looking at houses in the suburbs and asking the very important question: What does your local school intend to do this fall?
In the suburbs, [the inventory shortage] loosened up a little bit. However, we're still talking about it being a fraction of what it was a year ago and even a bigger fraction of what it was at its peak around the time of the housing crisis.
[Low supply and higher prices are] certainly hurting first-time home buyers. The only good news – the mortgage rates, they've come down as the 10-year Treasury has come down. So that helps a little. But the reality is first-time homebuyers are getting squeezed very hard as prices go up double digits -- 20% in some markets year-over-year.
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