Real Estate outlook: Economist warns of housing winter: ‘Prices unlikely to fall’
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The 30-Year fixed mortgage rate is quickly approaching 8% for many potential home buyers. Meanwhile, prices for new homes continue to rise, and inventory remains low, making both new and existing home owners reluctant to buy. According to the National Association of Realtors (NAR) existing-home sales dropped 15% in September on a year-over-year basis. This provides a miserable mix for the housing market that makes many believe the market has entered an early winter. David Mericle, Goldman Sachs Chief US Economist in Global Investment Research, joins Yahoo Finance to break down the impact all of this has on the housing market and what it will look like in the near […]