A 'Perfect Storm': Sharp Rise in Home Prices, Mortgage Rates ...
The dramatic rise in home prices and mortgage rates in the early months of 2022 has had a relatively limited effect on wealthy buyers and sellers, but has had a severe impact on lower-income Americans—and the Democratic Party may pay a steep price for their frustrations in the November midterm elections and beyond, according to real estate analysts and commentators. The relatively low number of houses on the market is due partly to the fact that some homeowners who might otherwise be inclined to sell do not want to have to go looking for new homes in the current market, according to Mark Pruner, a sales executive at Compass Real Estate in Greenwich, Connecticut. If they were to list their house, i.e., add it to the inventory and alleviate pressure on buyers, they would be looking at higher prices, higher interest rates, and substantially higher monthly payments” on a new home they set out to acquire, Pruner explained.
