The Cost of Buying a Home Is Up 50% From a Year Ago—but Here’s Where You Could Get a Break

Source: Realtor.com — 

Ayear ago, the great majority of American homebuyers despaired over the state of the housing market. Prices had hit record highs. There were so few homes for sale that lines for open houses stretched for blocks and move-in ready places in desirable areas were receiving dozens of offers—and prompting soul-crushing bidding wars. It couldn’t possibly get any worse, right?

Wrong, actually! Fast-forward a year, and there are even fewer homes for sale, prices have continued their upward trajectory, and mortgage interest rates are shooting up at a breakneck pace.