Consider This from NPR As Mortgage Rates Climb, A Hot Housing Market Cools
Oct 3, 2022
In this insightful discussion, NPR correspondent Chris Arnold sheds light on how rising mortgage rates are cooling the U.S. housing market. He shares stories of potential buyers facing disqualification due to soaring costs, along with those who managed to purchase before the rates spiked. Arnold delves into the Federal Reserve's role in managing inflation and its ripple effects on home prices. The emotional toll on buyers, especially among diverse communities, adds complexity to the already challenging landscape of homeownership.
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Seattle Housing Market
- Cheyenne Gordon, a Seattle teacher, struggled to buy a 650 sq ft home listed at $575,000.
- It sold in three days for $125,000 over asking price, highlighting the competitive market.
NYC Housing Market
- Makita Lewis is struggling to buy in NYC's competitive market.
- Writing letters to homeowners with her story and lower offers hasn't worked.
Lost Townhome
- Hillary Tolerud Ho's family lost their almost-completed townhome due to rising interest rates and stricter loan qualifications.
- Unable to afford the increased down payment or pay off debt, they now live in income-restricted housing.