Mortgage Rates Hike a Sales Curveball, Crashes Home Price Hype Party
By Rex 'The Wrecker' Malone, Published 13 hours ago
You'd have to have been living under a rock not to notice the real estate rollercoaster lately. Prices, once soaring higher than my hopes for a peaceful night without seeing double, are now crashing faster than my diet when they brought in wings at half price. Seems those pesky mortgage rates have finally pushed the 'buy' button through the floor.
Talk about a party pooper. What used to be a red-hot market is now a frozen wasteland of unmet demand. People are more scared of the economic meltdown than they are of missing out on that dream fixer-upper. Who needs a home when you can just park your wallet in the bank and watch the numbers climb like my liver's age?
Worse still, the market's flooded with inventory. Sellers are sweating bullets, hoping to offload their properties before they lose more value than a dollar bill in a bad coin change scam. Next thing you know, they'll be throwing in the kitchen sink to sweeten the deal, or maybe just listing the sink itself at a bargain. So much for the American Dream of owning a home; turns out, it's more like an American Nightmare at these rates.
