Feeling depressed about the housing market, right? Persist. After a tough 2022 and 2023, hostility toward homebuyers is likely to ease in 2024.
Here's an overview of the housing rot: Housing prices skyrocketed from mid-2020 to mid-2022. Mortgage rates have since risen, reaching nearly 8% for a 30-year fixed-rate mortgage in October 2023. Homebuyers struggled with affordability as high interest rates eroded their borrowing power. They didn't have many houses to choose from anyway.
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