There are far fewer buyers searching for a home in the fall of 2022. Mortgage interest rates have risen dramatically while home prices have remained high and, in some cases, are still rising. This makes it very difficult, if not impossible, for first-time buyers to enter the market. As a result, there are few purchasing move-up homes and so on and so on. Here is a recent graph showing the decline in home shoppers from Wells Fargo as reported by the National Home Builders Association.
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