The high housing costs continued to increase even more amidst growing home purchase demands and high mortgage rates.
High Housing Costs Continue to Rise Even More Following Growing Home Purchase Demands and High Mortgage Rates
The high housing costs continued to increase even more following the growing home purchase demands and the high mortgage rates across the country, wherein the high housing costs negatively affected the number of home purchase agreements, leading to several cancellations despite the need to purchase homes.
According to a report published in Fox Business, the high housing costs affected struggling homebuyers looking for affordable housing as they decided to stay in their current homes rather than move or purchase new homes due to either high housing costs or high mortgage rates.
Aside from homebuyers affected by the high housing costs, there are few sellers who reconsidered selling their houses and decided to keep them as both the high housing costs and high mortgage rates will only increase the interest rates, especially now that home buyers are looking for more affordable housing.
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Homebuyers Demand More Affordable Housing Amidst High Housing Costs and High Mortgage Rates
With the high housing costs, homebuyers express their demands for affordable housing from the administration and local officials, which would help them provide better spaces for their families, especially their children.
The continuing high housing costs would reportedly tighten the economic growth, especially in areas with high unemployment rates and increasing cost of living as homebuyers decided to stay in their current homes instead of looking for better ones, The Orange County Register reported.
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