Home prices spiral upward, worsening affordability
By Dave Gallagher | Real Estate News A collection of reports show that high mortgage rates weren’t enough to dampen price increases as demand continues to outpace supply. Key points: Case-Shiller, FHFA and Redfin indexes reported higher home prices in September and into October. Combined with elevated mortgage rates, affordability is hitting record lows. This highlights a widening gap between the "haves" and the "have nots," says Bright MLS Chief Economist Lisa Sturtevant. Even as mortgage interest rates were spiking earlier this fall, home prices continued climbing through the end of September and into October, according to data from three new reports. The S&P CoreLogic Case-Shiller index found that national home prices rose...
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