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selling at the slowest pace in nearly seven years, with the exception of the start of the pandemic. how would you characterize the current housing market >> well, several experts have said the housing market is in a recession. >> reporter: home sales are down 20% compared to last year. what's behind the slowdown >> the slowdown is simple it's just because of affordability. >> reporter: affordability hammered by prices up 10.8% from a year ago, limited supply, and rising mortgage rates. when sofia silva started looking for her home in chicago, a 30-year fixed mortgage rate hovered around 4%. by the time she closed on her new place, that number hit 5.5%, meaning a difference of several hundred dollars in her monthly payments >> i kind of panicked and thought maybe i shouldn't do it anymore. >> reporter: now the 28-year-old social worker is relying on a second job to make ends meet. >> i have a great career, 9:00 to 5:00, where i have my masters that i've been working in years now but that was not going