Home affordability is the worst I've ever seen it, Daryl Fairweather, Redfin's chief economist, told me.
In the past, the starter home served as a bridge: Families just starting out would squeeze into a smaller home and build equity. But now that process has hit a wall.
A majority of homeowners six out of 10 have mortgages with interest rates that are locked at 4 percent or lower. With rates now hovering around 7 percent, most people who buy a home today will pay much more interest on their new mortgage.
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