Rates are Up!Nine Million Americans Priced Out Of Housing Market

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Nine Million Americans Priced Out Of Housing Market As Affordability Crisis Worsens

The National Association of Realtors (NAR) estimates millions of Americans have been priced out of the housing market since January as sky-rocketing mortgage rates spark an affordability crisis.

Nadia Evangelou, a senior economist and head of forecasting at NAR, said 9 million homebuyers had been priced out of the market. Out of that total, about 3 million millennials.

The blame resides primarily on soaring mortgage costs as the 30-year fixed-rate average jumped from about 3% at the start of the year to a shocking 5.25% this morning - the highest since 2009...