Children ride scooters past a house for sale in Los Angeles. Home sales have slowed as mortgage rates have climbed.Children ride scooters past a house for sale in Los Angeles. Home sales have slowed as mortgage rates have climbed.Evan Paul and his wife entered 2022 thinking it would be the year they would finally buy a home.
Then came the Fed's persistent interest rates hikes. After a few months, with mortgage rates climbing, the Pauls could no longer afford the homes they'd been looking at. The sharp increase in mortgage rates has cast a chill on the housing market. Many buyers have paused their search; they can longer afford home prices they were considering a year ago. Sellers are also wary of listing their homes because of the high mortgage rates that would loom"People are stuck," says Lawrence Yun, chief economist with the National Association of Realtors.
It is not over it has just shifted to Blackrock and other corporations that are taking the last way most Americans can build wealth away from them. This is an intentional way to destroy the middle class so we will own nothing and be happy or else.
Yeah bc Joe Biden is the president and fucked up the housing market 😂
Way to go, Brandon!
A little perspective. Historically, mortgage rates aren't high. But sellers have become accustomed to cash, over asking price offers. Stalemate until sellers lower their expectations
Cheap?
That’s 2 much to read
Not to mention people are more into renting then owning these days. Home ownership the dying breed it’s more multi investment rental industry now.
Try looking for a house or condo in the Boston area. There is no inventory and prices are still insane.
And unemployment is about to go crazy. Who saw that coming? Or the world energy prices being a mess? Find a way to blame Trump. That’s all you are good at non biased journalists.
Thanks to inflation brought to you by Biden.
Wrong NPR. A lot of people foresaw a new world and wanted a comfortable home away from crime and disease infested urban centers. And they’re very happy they did. The last two years has seen the largest migration of Americans in history. And their homes are not for sale.
Blackrock
they are not “stuck” as the article implies… the one variable that can and should move now is the price. The sooner all sides realize prices can actually drop, the market will become active again. Not rocket science.
Thanks Democrats.
A crash is coming the actual market value is probably about what it was in 2018 for your local area and I would be willing to bet it's going to be a lot lower.
CalvinEllis1988
Made doubly worse by corporations like Zillow and foreign investors who gobbled up these houses, outbid citizens and turned around and raised the selling prices to astronomical levels.
No big deal. 750k for a shack? Why not? I'm sure its gonna probably end well. 🤷♂️
Now we need the recession to open up foreclosures and reset market prices. Sorry, foreclosed on people but this is how it works.
Cheap mortgages? What a joke
The increas in rates made it impossible for the poor who now made 30k a year to purchase homes. Then they raised it again removing home ownership frm lower middle class. THen again and removed it from middle middle class. THis forces them all to get leases that cost moren house
Corporations like InvitationHomes should not be allowed to buy up all these single family homes. They drive the market up and set the rates and make it harder for people to buy homes. It should not be legal for them to do this.
The woke left and it's media minions committed crimes against humanity. The storm is here.