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The housing market has taken a radical change. Forty years ago, the mortgage interest rate was basically level. Buyers went from bank to bank trying to obtain a V*% interest advantage. Today, we have to live with huge spikes in interest rates which can fluctuate radically each year.
We all know what happens when interest rates skyrocket. Homes are harder to sell, a larger percentage of homebuyers no longer qualify for mortgages. This in turn creates a backlog of buyers waiting for rates to drop. Economists call it “pent-up” demand.
What happens when banks have a surplus of
83.4%