Craig Carman

speaker

75 appearances 1 recordings 1 series first heard Jun 2026 last heard 26 Jun

Craig Carman’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.

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WSJ Your Money Briefing · The Housing Crisis: Your Biggest Questions, Answered · 26 Jun 2026 podcast

So that's really where it lives or dies in terms of supply.

This market, this housing market has been stuck in a sales rut for more than three years now.

We're sort of going on three and a half years.

And while supply has been rising in recent months, for the most part, we've been dealing with an undersupplied market throughout much of this housing slump.

What housing economists define as a balanced market between supply and demand is when you have about four to six months of supply for sale on the market.

That means if no new homes were listed, it would take about four to six months to sell existing inventory at the current price.

In 2021, there was only two months of supply on the market.

And a big reason for that is interest rates fell to their lowest ever and mortgage rates were around their lowest ever.

A lot of people who had higher mortgage rates refinanced and you had something like 30 million households with mortgages below 4%.

And that was more than half of all the mortgages in the U.S.

And when you have that, people are very reluctant to sell.

And they may do stuff like the caller was talking about, which is maybe I'll just rent it out rather than sell it because I have such a cheap mortgage.

And that seems to be one of the big issues.

Now, things have been getting a little better.

That supply figure is up to around four and a half months of supply.

One thing I have seen in Congress, it's called the More Homes on the Market Act, is an effort to try and goose supply back into the market, not by building new homes, but by getting existing homeowners to list.

And the idea behind this is they would double the amount that home sellers could exempt from capital gains to half a million dollars for single tax filers and a million for those who are filing jointly on their tax returns.

The idea is that, yes, you would be giving up your mortgage rate, but if your capital gains tax was considerably less, that would ease some of the financial burden, and that would make more people willing to list their home and bring supply back into the market.

The suburbs are sort of a complicated housing situation for the U.S.

If you go back in the years prior to the pandemic, suburbs in a lot part of the U.S.

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