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Housing Market Update

National Home Ownership Month

  • June is National Home Ownership Month with two thirds of Americans believing that home ownership is an essential part of the American Dream
  • Home Ownership is the best way that an individual can accumulate wealth, and pass that wealth down through generations
  • Home Ownership provides stability, builds communities, and is a driving force for the National Economy
  • Mortgage rates are up due to the gradual upward movement of prices caused by inflation, a reflection of the overall economy
  • Economic indicators such as the employment rate, economic growth, higher wages, and greater consumer spending also affect mortgage rates
  • High demand and low inventory continue to affect sales nationwide, which is why prequalification is so important

 

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