The American dream of home ownership has lately become a nightmare. There’s no disputing consumers are facing the most unfavorable housing market in forty years. The combination of skyrocketing home prices with the Federal Reserve’s six interest rate hikes in 2022 has unleashed a pandemic of sticker shock. And as inflated costs continue to wallop prospective homebuyers, the knockout blow is coming from the absolute dearth of available homes on the market, with inventory roughly 40 percent lower than it was in early 2020. From first-time home buyers to retirees, regardless of income or savings, millions are finding there are just no suitable houses available.
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