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Way Too Early With Jonathan Lemire

hot housing market is chilling. existing homes are selling at the slowest pace in nearly seven years, with the exception of the start of the pandemic. >> how you would characterize the kurptd housing market? >> several experts have said that the housing market is in a recession. >> home sales are down 20% compared to last year. what is the behind the slowdown? >> the slowdown is simple. it's just because of affordability. >> affordability hammered by prices up 10.8% from a year ago, limited supply, and rising mortgage rates. >> when sophia started looking for her home the 30-year mortgage rate was 4% and at the time she closed, 5.5%, meaning a difference of several hundred dollars in the monthly payment. >> i kind of panicked and thought i shouldn't do it anymore. >> the 28-year-old social worker is relying on a second job to make ends meet. >> i have a great career, and i have my master's, so i've been

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