Home sales hit a wall, falling 18% in a single month — the worst since the 2008 crisis. The problem is mortgage rates: They’re too high to buy, but sellers are trapped in cheap Covid-era mortgages. Worse, oil prices are now hiking mortgage rates even higher.
- Are you smoking crack?! between 2020 house prices went through the roof! Why do you think most people are going through foreclosures or as they call it jingle mail handing their keys back in! Because they overpaid for a house that they were told had equity. And now prices came back to normal and they have no equity. A lot of of them can’t even refinance because of no equity in the home of what they paid for it. And whose watch did this all happen under? You guessed it. So stop pointing the finger fingers and do the facts. – Southern Maddog
- Peter, the problem isn’t mortgage rates. I see you’re old enough (no offense) to remember when 7% was considered a good rate. The problem is home prices. They need to drop. – Gumbo
- Peter, the problem isn’t mortgage rates. I see you’re old enough (no offense) to remember when 7% was considered a good rate. The problem is home prices. They need to drop. – Celty
- I’m in a cheap 2.5% mortgage, but I’ll never move because I have to pay massive property taxes if I move. I bought under $200k, house is worth over $400 but my property taxes are capped after that first year and can only rise a max of 5%/yr
- 40% of homes have no mortgage. The main problem is first time home buyers have to save until 40 years old now. There is not a housing inventory shortage. It’s the inflated prices. – JF
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Home sales hit a wall, falling 18%
