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Housing Affordability Crisis Deepens | Durham News
Housing affordability just got a lot tougher—annual income needed to buy a median home jumped $15K since January, fueled by soaring prices and stubborn mortgage rates. Home sales plummeted in June, the biggest drop of the year, while builders hit rock bottom in confidence, the longest slump since 2012. To compete, nearly 40% of builders are slashing prices and offering sweeteners like rate buydowns and closing cost help—making new homes suddenly more attractive than overpriced resale listings. Buyers are hypersensitive to rate changes, causing wild monthly swings in sales. A new housing law…
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