CBS News is kicking off a new series The Money Watch housing guide focused on Helping you achieve the American dream When it comes to housing a CBS News poll Showed that some Americans are not Confident they'll ever reach the American dream of course home buying is A huge part of that CBS News Correspondent Nancy Chen is here with us In studio 57 with more Nancy so good to Have you look when it comes to the Pessimism it's not hard to understand Why interest rates are high the median Home prices are high what is the data Showing in terms of achieving that home Buying experience yeah and outside of Just the data you put your finger to the Ground right now and it feels like Everyone is just so pessimistic to use Your word there's been a little bit of Relief recently but this is still a Historically difficult Market we have High mortgage rates and high home prices With as you mentioned low inventory Would be sellers they aren't selling Because they want to keep their mortgage Rates essentially locking up the market No one's moving there are simply not Enough homes right now and even with new Home construction they are not building Enough of them and fast enough to to Meet the demand that is out there one Realtor we spoke to she calls it The Perfect Storm and it's affecting
Firsttime home buyers the most so we Will be featuring that group Specifically in one of our stories in That series next week we're hearing About this on the campaign Trail when Harris unveiled her Economic Policy she Talked about building more starter homes So what can people expect from watching This series which I think is so Important yeah the housing market as we Mentioned incredibly intimidating for Many out there right now so we're going To approach the housing market from all Kinds of directions including how to f Figure out if you should rent or if you Should buy right now we're also working On a story about creative housing Trends Because more and more people especially Millennials and gen Z they're now Teaming up to sign a mortgage it's Called cying take a look do you think You could have been homeowners if you Didn't buy a place together um ideally Eventually but it would have taken a Very long time for me the answer is a Hard no I would not be a homeowner in 2024 Had we not C bought intriguing right but Before you go all in with your bestie we Have a look at the financial and legal Risks and what you should do to make Sure your friendship stays intact we Will also have some solutions Communities have come up with to fight
Those housing shortages and Lindsay the Big scams that you should be keeping an Eye out for because you know there are Always plenty of them out there you know This is so fascinating because it's Almost like you have to get creative I've thought about you know who in my Life would I mortgage with right yes but You know this this is the rent versus Buy is a conversation that I'm having With my wife like literally on a daily Basis so so important I'll be watching For that let's talk about these rates Because all eyes are on the FED when They meet this month they're expected to Cut rates by at least 25 basis points Maybe 50 but probably not is it likely That mortgage rates will also go down Well yeah to your point this is Something that so many people are Keeping a very close eye on right now so Far a cut does appear likely the Question whether it's a quarter point or A half Point rate cut some potential Home buyers they've been waiting to see What the FED will do so they can figure Out out of now is finally the time to Come off the sidelines and make that big Purchase any cut would be welcome news And not just for people trying to get a New mortgage car loans and credit cards They would be affected by this as well Of course that decision is expected Wednesday afternoon our Jolan Kent will
Be in DC we bring that to us it is a big Big week ahead so join me along with my Colleagues as we bring you the money Watch housing guide next week it'll be Airing across all CBS News platforms I Love it clearly we're so interested Because we're out of time Nancy Chen Thank you so much
