The troubled housing market can’t seem to get back on track.
Inventory of homes for sale is steadily rising, but demand is still tepid. Home prices in parts of the country are falling. But with prices not much below record highs, many would-be buyers are still squeezed out. Mortgage rates are hovering around 6.75%, more than double the level of only a few years ago.
The crucial spring selling season is shaping up as a dud, crushing hopes that a housing market that has been anemic for more than two years can gain significant momentum this year.
“It definitely feels like a disappointment,” said Selma Hepp, chief economist at Cotality, a real-estate data provider.
Source: The Spring Home Sales Season Is Shaping Up to Be a Dud – WSJ
