Anyone buying a home on the resale market knows that options are slim. They are about to lose weight.
The number of homes for sale this month was actually 7% higher than it was in June of last year, according to realtor.com. But, in the past week alone, that comparison has turned negative, with the number of homes for sale falling below year-ago levels for the first time in 59 weeks.
New listings in the last week of June were down 29% from the same week a year ago. That’s a wider drop than in previous weeks.
With the mortgage rates Rising ever higher, crossing again over 7% on Thursday’s 30-year fixed, according to Mortgage News Daily, homeowners have very little incentive to sell their homes. The vast majority of homeowners with mortgages have rates below 4%, with some even below 3%.
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CNN Dinero host Xavier Serbiá answered this question on Un Nuevo Día. For more Telemundo programming go to www.telemundo.com/now
