Home Prices Tick Up, Mortgage Rates Surge
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Home prices inched up at the start of the year, with the S&P CoreLogic Case-Shiller twenty-city home price index rising 1.18% from last year and 0.16% from December. This modest increase is due to low supply and demand, with buyers facing high costs and sellers holding out for favorable mortgage rates. Affordability has plummeted, and recent mortgage rate hikes, driven by Iran tensions, may further impact home sales. The markets future hangs in the balance as we await the effects of these higher rates.
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