Where are the homes? Glaring need for housing construction underlined by Century 21 CEO

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — The highest mortgage rates in more than two decades are keeping many prospective homebuyers out of the market and discouraging homeowners who locked in ultra-low rates from listing their home for sale. The combination of elevated rates and low home inventory has worsened the affordability crunch, especially for first-time buyers and threatens to extend the nation’s home sales slump. Mike Miedler, CEO of real estate brokerage franchisor Century 21, recently spoke to The Associated Press about the challenges homebuyers face. Miedler says the impact high rates are having on affordability and home inventory underscores the need for construction of more affordable homes.