Reported 16 days ago
Many homeowners are experiencing a 'locked in and priced out' effect in the current housing market, as discussed by Morgan Stanley's U.S. housing strategist, James Egan. Despite record-high home prices, rising mortgage rates are exacerbating affordability issues, leading to a tight supply environment and keeping prices elevated. This phenomenon, influenced by the pandemic and historically low mortgage rates, has created a perfect storm, leading to increased demand for single-family homes.
Source: YAHOO