Up to 26 million households have been priced out of the US housing market this year as stubbornly high prices and rising mortgage rates proved to be roadblocks for first-time buyers, new figures showed.
Prospective first-time buyers are also facing rising rents, Evangelou said, reducing the amount they are able to save for a deposit. In that time, she said a"pretty brutal" market of rising rates had shrunk their budget by up to $100,000, limiting the homes they could afford in their preferred area. "It's pretty demoralizing. We went in feeling pretty hopeful but that hope has diminished over time to the point where we are feeling pretty small," she said."We're getting to the point where we might give up soon." For anyone looking to buy a home now, Evangelou says disappointment likely awaits. While the NAR thinks mortgage rates have peaked — they have dipped from a peak of 6.9% in October — prices will remain subdued rather than crash.
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