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A Huge Number of Homeowners Have Mortgage Rates Too Good to Give Up (www.nytimes.com)

submitted 7 months ago by Blaze@dormi.zone to c/personalfinance@lemmy.ml

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[–] huginn@feddit.it 9 points 7 months ago* (last edited 7 months ago)

The average American stay in a home is has been ~8 years.

That number is going to double with rates like this.

Given that the American system is supposed to be a market that's a bad sign: frozen markets are not efficient markets.

This doesn't mean people can stay in their homes in a crisis: it means people can't move. A job the next city over would have to pay thousands more to make selling your home a rational decision. The article says it's on average $511/mo different.

A crisis still lands you homeless in America.