![]() High mortgage rates have significantly lowered the amount of for-sale inventory as millions of homeowners are reluctant to give up the bargain-bin mortgage rates they locked in during the pandemic. But at the moment, things are at a standstill. By making it more expensive to borrow money, demand for buying property should go down, and prices with it. In effect, this is what the Federal Reserve is trying to fix by raising rates over the past year to bring down inflation. The same survey shows 82% of Americans believe the country is facing an unprecedented affordability crisis. Sixty-one percent of Americans who have never purchased a home said they don’t think they’ll ever be able to afford to, according to a recent survey of home buying sentiment from Credit Karma. ![]() It will stay that way until prices or mortgage rates drop and the market comes back to balance.
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