Realtors and mortgage brokers across America are struggling in early 2024 as homebuyer demand continues to decline. With a new report from CNBC explaining that mortgage applications to buy a house dropped 9.4% in the final weeks of 2023.
This drop in homebuyer demand and mortgage applications is occurring while interest rates are declining. Suggesting that the 2024 Housing Market could struggle and that home prices could drop, particularly in cities where inventory has spiked the most.
One reason why homebuyer demand was so low to start the year is because most Americans are pessimistic towards the housing market. With only 14% of consumers saying it's a good time to buy a house in Fannie Mae's most recent Housing Survey compared to 85% who say it's a bad time to buy a house.
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