First Time Buyers Face Growing Challenges as Home Prices Soar
First time home buyers face growing challenges as increases in home prices reach new records in the Atlanta area and around the country. Home prices increased over 10% in February when compared to a year earlier, the largest nationwide increase since 2006. Stiff competition driven by low home mortgage interest rates, an inventory shortage, and an economy recovering from the Covid 19 pandemic have led to higher demand and prices for homes, leading to more first time home buyers being priced out of the market.
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