📡 September 28, 2023: The Economic Collapse Blog > Until something changes, millions of potential buyers and millions of potential sellers will remain sidelined… - #Mortgage

September 28, 2023 

by Michael

theeconomiccollapseblog.com

Housing experts point to couple trends driving up housing costs. Mortgage rates have topped 7%, adding hundreds of dollars per month to a potential house payment. 

At the same time, homeowners who locked in at lower mortgage rates during the pandemic have opted not to sell out of fear of having to buy another property at today’s elevated rates, depleting the supply of homes for sale.

“The only people who are selling right now are people who really need to move because of a life event — divorce, marriage, new baby, new job, etc.,” Daryl Fairweather, chief economist of Redfin, told CBS MoneyWatch.

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