The FED Isn't Happy With The Housing Market

The FED Isn't Happy! Despite 30-year fixed mortgage rates surpassing 7% and causing a dent in housing affordability, there's a contrasting trend at play. Mortgage rates are high, making it harder for people to afford homes. After prices went down in 2022, they're going up again in 2023. This is because some homeowners are holding onto their homes because they have lower mortgage rates. Even though more expensive loans are making fewer people want to buy homes, the fact that there aren't as many homes for sale is making up for it. But despite these worries, home prices are bouncing back in 2023 because there aren't as many homes available. Even though the time of year can affect prices, the surprising thing is that 2023's home prices are strong all year. There's a concern that the people who control money might decide to make borrowing more expensive, which could be a problem.
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LIVE STREAMS ARE OPINIONS EXPRESSED BY LICENSED REAL ESTATE AGENTS IN DIFFERENT REAL ESTATE MARKETS. DO NOT BASE YOUR HOME PURCHASE OR SALE ON THE OPINIONS EXPRESSED IN THIS STREAM. ALWAYS CONSULT YOUR LOCAL REALTOR FOR YOUR MARKET CONDITIONS. Article from the stream:https://www.forbes.com/sites/simonmoore/2023/08/29/rebounding-home-prices-in-2023-arent-following-the-feds-script-heres-why/?sh=2ace7ec32ec6