-- Sky-high mortgage rates, dwindling inventory and sellers expecting to get more than their homes are worth have some families worrying it could all represent the death of the American dream.
Rodrigues is already approved for a $1 million loan and says her wish list isn't long, and still, she can't find a home to buy. "Giving documents, income documents. As a self-employed person it was also even trickier, right? Projecting income, making sure you can afford the home, visiting different homes, homes going off the market while you're still under consideration, bidding over the next person. It was very hectic," she said.
"If you're a seller who really wants to sell ... now you have to wrap your mind around the idea you're not going to get the price that you thought it was worth, and you're not sure exactly what you're going to get. And the buyer is wanting to do it because they have this pent-up demand to do it, and all of a sudden the interest rates have basically doubled in the span of a year," he said.