JACKSONVILLE, Fla. – For the first time since the foreclosure crisis in 2010, home sales have dropped to dramatic lows. And climbing interest rates mean some families are being priced out of the market. We checked and as of Friday, the average rate on 30-year mortgages jumped to 7.99% this week, which is up from last week.

Home sales across the country are moving at the slowest pace since October 2010. That was during a recession, a time when the real estate market was in the midst of a foreclosure crisis. We asked Northeast Florida Association of Realtor President, Diana Galavis, if current market trends are an indicator of yet another housing crisis on the horizon.

“So, I don’t believe so. One difference that we have is we don’t have the inventory to support the homes being on the market and potentially going into a short sale or foreclosure status. Of course, interest rates are up. We are seeing people’s journey take a little longer to shop for homes. But we are at a historic low for housing, specifically affordable housing,” Galavis said.

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