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Steps Needed for Housing Affordability
Redfin’s analysis suggests that if mortgage rates fall to 6% and home price growth remains steady at 2.1%, housing costs could normalize within about five years. Higher mortgage rates and faster price growth, particularly in the Northeast and Midwest, could extend the timeline to a decade or more. Markets like San Jose, Austin, and Seattle are expected to reach normalcy sooner, while many others may take longer.
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Notice: This Is an AI-Generated Summary
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