Mortgage rates are at an all time low, but there are few borrowers even at these low rates. This report supports prior data from the National Association of Realtors that reveals a record drop in sales contracts in May.
These conditions will prevail until prices are allowed to fall (or another (even larger) massive round of inflationary stimulus spending takes place, destabilizing our currency much worse than we have already seen).
Previous - glut of available real estate for sale.
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