Home prices are surging twice as fast as income growth

Not enough for-sale signs in front yards are driving residential home prices higher, the chief economist at the Mortgage Bankers Association said Tuesday.

Compounding the problem is that Americans' wage growth is being left far behind, according to the MBA's Mike Fratantoni. "We're still seeing home prices increase at twice the rate of income growth," he told CNBC's "Squawk Box."

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Lack of inventory main headwind in housing market, says pro from CNBC.