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Home Buying Is Becoming "Unaffordable For Most Americans": Here's What Experts Predict For The Housing Market In 2022
Despite record high inflation and ongoing supply chain issues, home prices in America continue to surge. In fact, home prices increased 19.8% year over year in February 2022, the third-largest reading on record.
Changes to Federal Reserve monetary policy—including its commitment to reducing its portfolio of roughly $5 trillion in Treasury and mortgage-backed securities—have encouraged fixed mortgage rates to spike to the highest rates seen since 2010.
Higher mortgage rates, combined with already-high home prices, will push away many prospective home buyers.
As more buyers are priced out of the market, price increases may slow throughout the remainder of 2022.
A slowing in the rate of price increases this year may transition to price declines in the middle of next year.
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