Prospective homeowners delaying purchases amid high prices, high mortgage rates
Summary
Many people who want to buy their first home are waiting because home prices and mortgage rates are very high. This makes it harder for people to afford to buy a house right now.Key Facts
- The price of a typical starter home is at its highest ever.
- Mortgage rates, or the cost of borrowing money to buy a house, are also very high.
- High prices and mortgage rates cause some people to delay buying a home.
- This situation affects many prospective homeowners in the U.S.
- The story highlights challenges in housing affordability.
- The information was reported by Cristian Benavides on CBS News.
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