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That’s largely because of high interest rates. Most American mortgages – in fact, 70% of American mortgages – are below 5%, so prevailing rates are closer to 6.8%, perhaps even going up shortly. Sellers are very reluctant to sell because they’re going to have to refinance at a much higher cost.

 

Lack of supply, which the president is also trying to address in terms of freeing up federal lands

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