Open Letter on Housing, Fannie & Freddie @realDonaldTrump @pulte @SecScottBessent @FHFA @USTreasury $fnma $FMCC We studied housing square footage per capita adequacy, and found that there is no problem there. The US in fact has more residential square footage per capita than any other country in the world. This is not a housing shortage, despite what so many say. The problem is that bigger houses are inefficiently housing fewer people. The post-COVID low rate environment locked people into a lifecycle real estate position. Empty nesters can't sell, first time home buyers cannot buy. Second-hand home inventory is near all-time lows due to record low supply, not record demand. Prices are high due to the same reason. Home equity is now a record $35 trillion, nearly doubling pre-COVID le
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