At the closer end of 2021, inflation started to scare the average person. Prices getting higher was something that not only worries the average consumer, but the Federal Reserve. The exist mainly to control this inflation - and in 2022, they realized they had to do their job.
The Federal Reserve started raising interest rates at a fast pace. If you’ve been listening to THC, you know that this means that borrowing money will get more expensive. Credit cards interest rates would get more expensive, auto loans would have higher interest rates, and mortgages would be harder to afford. That’s exactly what happened.
It’s been long-understood that Owning a Home Is the American Dream. Well for us millennial it’s kind of becoming a distant dream.. Scratch that its actually become a nightmare!
The average home prices in America have been on a tear! Buying a House Has Never Been More Difficult. Since the pandemic Average home prices have increased by 33%! If high prices weren’t enough, mortgage rates which reached record lows at the start of 2021, are now rising at their fastest pace in decades.
So what can first time home buyers do? Today, on Things Have Changed, we’re going to talk about the Housing Market - the different factors that are impacting it and could there be a likelihood of another 2008 Housing Market crash?? Tune in!
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