The real estate market is experiencing its worst crisis since the aftermath of the Great Recession
The housing market collapsed further in October as U.S. home sales fell again, hitting their lowest level in more than 16 years.
Mortgage rates have climbed above 7 percent while home prices remain stubbornly high, keeping buyers away and discouraging potential sellers from listing their homes and moving. Sellers don’t want to give up their lower mortgage rates, so they don’t have much incentive to lower prices enough to attract buyers.
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