US Housing Market: Supply is plunging & surging under high mortgage rates

Mortgage rates at 20-year highs have split the US housing market, with supply plunging in some parts of the US, while the number of homes for sale surges in others.

But while home inventory has continued to fall off in certain areas, supply has surged in other pockets of the US, mainly in the South. The divide has largely been created by high mortgage rates, which have spurred housing activity in more affordable areas of the US.

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