Housing Shortage Leads To Skyrocketing Home Prices

Blair Thompson, a lawyer in Baltimore, struggles to find an affordable home due to rising prices. The demand for homeownership surged during the pandemic, but supply chain issues and low interest rates led to a housing shortage, driving prices up. Real estate agents predict a market shift as interest rates rise, but the rental market remains competitive. The number of home buyers has decreased, but it's uncertain when conditions will improve for first-time buyers.

What is one of the main reasons Blair Thompson finds it difficult to buy a home?

• She has a poor credit history.

• She is an irresponsible spender.

• Home prices are too high.

• She doesn't have a stable job.

What factors contributed to the rise in home prices during the pandemic?

• Government subsidies and tax breaks

• Abundant housing supply and stable interest rates

• Decreased demand and high interest rates

• Increased demand, housing shortages, and low interest rates

What do real estate agents believe will help balance the housing market?

• Higher interest rates

• Lower interest rates

• Government intervention

• Increased housing supply

What challenge do first-time buyers face in the rental market?

• Decreasing rents

• Stable home prices

• Rising rents

• Abundant rental options

What recent trend offers some hope for prospective home buyers?

• Rising home prices

• Decreasing interest rates

• Leveling rents and fewer buyers

• Increasing number of buyers