Why it's so hard to buy a home right now
CNN
Home prices have skyrocketed by nearly 20% over the last year and mortgage rates have risen faster over the past three months than they have in decades. But the high cost to buy a home is not the only obstacle prospective buyers are facing.
Other hurdles include a lack of available homes for sale that fit the buyer's criteria, bidding wars, and failing to have enough money for a down payment, according to a new study from the National Association of Realtors and Morning Consult.
"Record-high home prices and record-low inventory have made the home buying process exceedingly difficult," said Jessica Lautz, NAR's vice president of demographics and behavioral insights. "Our study shows that while the inventory crisis is affecting potential buyers of every race, nearly all home buyers agree that home ownership is still an important part of the American Dream."
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