Home ‘Affordability Crisis’ Still in Full Swing

“We’re still in an affordability crisis,” Katie Hubbard says, with Existing Home Sales hitting the lowest in “30 years.” She thinks it will be “difficult” to get mortgage rates down to 6%, which would bring “about 160 thousand people” into the market as buyers. Over the next three years, she expects “3% price appreciation every single year.” The Midwest is seeing an “acceleration” in buying, while the coasts are seeing a drop. However, she notes that New Home Sales are cheaper because of builders pushing down prices.

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