00:00 Our country has been edging along and narrowly avoiding a recession for months, finally seeing
00:04 inflation falling from record levels.
00:06 However, after interest rate hikes, including those related to home buying, have continued
00:10 to rise, real estate experts say the housing market is in a bad way at the moment.
00:15 According to real estate brokerage firm Redfin's CEO, Glenn Kelman, they've actually hit rock
00:19 bottom.
00:20 He told MarketWatch, quote, "Sales volumes couldn't be worse.
00:23 The only people moving right now are the ones who absolutely have to.
00:27 A big reason for that is that mortgage rates have skyrocketed over the last couple of years.
00:31 In January 2021, 30-year rates fell to just 2.65 percent, their lowest ever.
00:37 However, just last week, Freddie Mac reported those numbers have nearly tripled, rising
00:41 to 6.96 percent.
00:43 Higher mortgage rates mean higher costs for homes, which also means less people are in
00:47 the position to buy."
00:48 With Kelman adding, "Part of the problem is that there hasn't really been a break in affordability,
00:52 and home buyers really need to catch a break right now."
00:55 Redfin data also revealed that home prices are up as well, with the average cost 44 percent
01:00 higher than pre-pandemic averages.
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