Source: 24/7 Wall St. —
There is a real concern that the extremely hot housing market has started to collapse, especially in markets where prices have surged at record paces. One of the threats is due to mortgage rates that have risen from 3% a year ago to 7% recently. Home affordability has been compromised. Several markets have home prices that rose at a hotter pace than most of the market, which is extraordinary. According to new research, the one with the largest run-up since the start of the COVID-19 pandemic is Cape Coral, FL.
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