5/3, 9:10 PM (Source: TeleTrader)
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US housing market to remain tight for 'some time' - Powell

The Chair of the Federal Reserve, Jerome Powell, agreed on Monday that the housing market in the United States is "tight" and he predicted that the situation will remain this way for some time, due to short supply.

According to Powell, the low-interest rates on mortgages are definitely feeding the exceedingly high demand. It is also linked to the government's "tremendous support" that was provided to the economy in the last year in the form of stimulus and relief packages.

The Fed executive admitted that the tight housing market is making it harder for first-time homebuyers to make purchases, while owning a home is one way to join the middle class and benefit from the appreciation of one's home.

Breaking the News / LH