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America faces a real estate crisis

The US real estate market still had a lot of advantages at the start of the year. It was not enough to overcome a doubling of mortgage rates combined with persistently high prices.

The National Association of Realtors’ home affordability measure, based on mortgage rates, home prices and household income, showed that in April, existing homes were at their least affordable level since July. 2007. They are even less affordable now. On Tuesday, the NAR said the median price of an existing home rose from $395,500 in April to $407,600 in May, while Freddie Mac reported last week that the average fixed mortgage rate of 30 years was 5.78%, compared to 5.23% per week. earlier and an April average of 4.98%.

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Post expires at 4:27am on Monday July 4th, 2022