Today’s RealTrending features an exclusive interview with Pete Carroll, CoreLogic’s Executive of Public Policy and Industry Relations. Carroll talks about the housing shortage, who it impacts most, issues plaguing today’s real estate industry, and some possible solutions.
Here is a small preview of today’s interview with CoreLogic’s Pete Carroll. The transcript below has been lightly edited for length and clarity:
Tracey: You’re doing a YouTube series on the U.S. housing shortage crisis and economic mobility. And in one video, you really talk about who is most impacted, and that’s the economically disadvantaged. So talk to me about this group of people, or who is most impacted by this, and the impact that they’re feeling.
Pete: We wanted to dig into the housing shortage numbers a little bit, and we did. And what we found is that when we try to break down what’s in that gap and that undersupply. The economically disadvantaged are those who earn 50% or less of area median income; so 50% or less than what their neighbors earn, in their neighborhood. And that is going to be, certainly economically disadvantaged neighborhoods, tends to be multi-family rental housing, poor communities, where there’s not as much opportunity for economic mobility.
We pegged the size of that segment at 2.6 million of that 4.35 million, by the end of 2022. And the challenge with that segment is that adding new supply will help the housing shortage for them in some cases. But, I think there are regional differences, where there might be supply and demand imbalances, where adding new supply could actually have an effect on price. At the end of the day, I think our experience is that this just gets to that earlier 2.6 million housing shortage.
RealTrending features the brightest minds in real estate. Twice a month, brokerage leaders, top agents, team leaders, and industry experts share their success secrets, trends, and lessons learned navigating this ever-changing industry. Hosted by Tracey Velt and produced by Elissa Branch.