Google searches for "sell house" just hit an all-time high. So did "can't sell house."
Everyone wants out at the same time and nobody's buying.
Mortgage rates are still above 6%. Home insurance premiums are up 30-50% in half the country. Property taxes rising. And now gas is approaching $4 with a war that has no end date.
The homeowners who locked in 3% rates in 2021 are trapped, they can't afford to sell and rebuy at 6%. The ones who bought at the top in 2022 are underwater or breaking even after fees.
The housing market is frozen in both directions. Sellers can't sell. Buyers can't afford to buy. And the Fed just held rates with no cuts in sight.
Something has to give.
Everyone wants out at the same time and nobody's buying.
Mortgage rates are still above 6%. Home insurance premiums are up 30-50% in half the country. Property taxes rising. And now gas is approaching $4 with a war that has no end date.
The homeowners who locked in 3% rates in 2021 are trapped, they can't afford to sell and rebuy at 6%. The ones who bought at the top in 2022 are underwater or breaking even after fees.
The housing market is frozen in both directions. Sellers can't sell. Buyers can't afford to buy. And the Fed just held rates with no cuts in sight.
Something has to give.
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