US home sales plunged to lowest level since 2010
Al JazeeraMAY 2023
The US government and Federal Reserve are doing what they must to curb inflation and protect the economy from total disarray. Raising interest rates can be a bitter pill to swallow for some hopeful homeowners who have had to put their plans on hold until mortgage rates settle. But this is the medicine the US needs right now. 2023 may be difficult for some, but the US financial system is prepared and, as such, will be able to avoid a national crisis.
Affordability has reached a crisis point across the United States with the rising costs of everything from housing to food but stagnant wages. Slumping house sales are just one indication of this — Americans cannot afford to buy what they need. Leaders at the federal level need to recognize the impact on everyday Americans and start making changes.
The housing industry in the US is broken. Mortgage rates are sky-high, prices are ridiculous, and there’s a chronic lack of inventory. Americans are paying thousands more per month for housing than they otherwise should. And it's not going to get better any time soon.