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Sales are set to be even lower than during the 2008 Financial Crisis. The lack of demand for existing homes comes as home prices have jumped over 50% since 2020. Over the same time period, mortgage rates have nearly TRIPLED, making affordability even worse. The average rate on a 30-year mortgage is up 100 basis points since September alone, to 7.1%, despite the Fed cutting rates by 100 basis points. The US housing market is frozen. submitted by /u/XGramatik |
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