Mortgage Rates Are Crippling the Housing Market
Mortgage rates are higher than they’ve been in 23 years, which is causing a dire shortage of homes for sale. Owners aren’t leaving rates under 3 or 4 percent to take on payments that could be hundreds or thousands more a month, and those who might lose a job or otherwise be cash-strapped can simply borrow against their equity because the worth has skyrocketed. New homebuilders have been giving incentives and buying down mortgage rates to spur sales, but that won’t last forever in the face of continuing inflation and lack of available lots no thanks to zoning restrictions and regulations. Fewer homes mean stubbornly high prices and a lack of choice for all except cash buyers.
Source: https://www.orionprop.com/
