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 real estate barons are starting to break their cardinal rule to “never sell”.Is this growing trickle of motivated sellers we’re now seeing as more and more regional housing markets start to thaw likely to soon become a flood?For answers, we’re fortunate to hear today from mortgage expert and housing analyst Melody Wright.Video Length: 00:59:02More By This Author:
Big Drop In Home Prices Coming Next Year Plus Rising Mortgage Delinquencies
