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Economy, Real Estate

“Lower mortgage rates are causing an epic housing shortage”

“Housing inventory hit a record low about two years ago, but a lull in home sales over the past year helped build back much-needed supply, especially in the mid-priced range. Then a sharp drop in rates this summer brought demand back and depleted that supply dramatically.

National housing inventory fell 2.5% annually in September, a sharper decline than August’s 1.8% decrease, according to realtor.com…

The demand is being fueled by lower mortgage rates. The average rate on the 30-year fixed surged over 5% last November and stayed above 4.5% through March, according to Mortgage News Daily. That made for a lackluster spring housing market, traditionally the busiest time for buying…”

https://www.cnbc.com/2019/10/15/lower-mortgage-rates-are-causing-an-epic-housing-shortage.html?utm_source=wnd&utm_medium=wnd&utm_campaign=syndicated

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