Big Drop In Home Prices Coming Next Year | Melody Wright

Thoughtful Money with Adam Taggart · Nov 19, 2024 · 59m

Well, the Fed has now cut its benchmark interest rate 75 basis points, and yet mortgage rates have RISEN -- back up near 7% for the average 30-year fixed mortgage. This has NOT been good news for the housing market, which has been frozen transaction-wise at record levels of unaffordability for the majority of aspiring purchasers. It's been often asked on this program: How long can the housing market remain broken like this? Well, we may be finding out the answer to that. In a growing number of metros, inventory is rising (substantially in many cases), prices are coming down, and long-standing…