First-time Buyers at Disadvantage as Housing Prices Surge
On 12/22/20 at 8:25 AM EST
The U.S. housing market has rebounded from the low hit last spring during the worst of the coronavirus pandemic, the Department of Housing and Urban Development reported.
Sales of new and existing houses are driven by low mortgage rates and a desire by many to leave cities for the suburbs.
The robust housing market underscores the growing split between those who could work from home during the pandemic and remained employed, and those who couldn t, and didn t. Lean housing inventories have led to bidding wars in many markets, pricing many first-time buyers out of the market.
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