That deadly combination is making it “almost impossible” for first-time homebuyers to break into the U.S. housing market, Treasury Secretary Janet Yellen said during her testimony before the House Ways and Means Committee on Tuesday. “With house prices having gone up, and now with much higher interest and mortgage rates, it’s almost impossible for first-time buyers,” Yellen said. A pair of housing tax credits proposed by President Joe Biden, however, could potentially help ease the lock-in effect. Why it’s so hard for first-time homebuyers to find an affordable houseThere are several factors working against first-time homebuyers in today’s housing market. While it’s possible for some first-time homebuyers to put a lower percentage down, that can be a lose-lose situation in the end.

Source: Punch May 03, 2024 06:21 UTC