Reported 12 days ago
The Federal Reserve has expressed alarm over the weakening US housing market, noting factors such as rising foreclosure rates and high borrowing costs for builders. While some indicators show a potential rebound in home sales with decreasing mortgage rates, many homeowners are locked into low rates from the pandemic, complicating the market's recovery. First-time buyers, particularly from lower-income households, may find it increasingly difficult to enter the market due to disproportionate impacts from current mortgage rates.
Source: YAHOO