Wells Fargo warns worrying housing market indicator is at level not seen since the Great Recession

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Wells Fargo warns worrying housing market indicator is at level not seen since the Great Recession

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Wells Fargo says home sales have slowed to levels last seen in the aftermath of the Great Recession. Unlike 2008, the broader economy remains strong — home prices aren't crashing, and unemployment isn't soaring. But the housing market is still suffering because potential buyers can't afford the high home prices along with high mortgage rates. Meanwhile, sellers won't budge because can't afford to lose their low mortgage rates. This leads to not a lot of people buying or selling homes at the moment.
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