High interest rates make hunt for a new home even more challenging

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High interest rates make hunt for a new home even more challenging
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Interest rates have dropped from 2023 but are still nowhere close to 2020 rates.

A"For Sale" sign is displayed in front of a home in Arlington, Va., Aug. 22, 2023. Sales of homes in the United States ticked down in July, according to industry data released on August 22, 2023, as elevated mortgage rates and limited housing supply held buyers back.Rising inflation has driven mortgage rates up, making it difficult for many Americans to find an affordable home.

A"For Sale" sign is displayed in front of a home in Arlington, Va., Aug. 22, 2023. Sales of homes in the United States ticked down in July, according to industry data released on August 22, 2023, as elevated mortgage rates and limited housing supply held buyers back.Trotter, a single mother and electrical engineer, is searching for a new home priced at $400,000 to secure her 14-year-old daughter Adoniah's future. She wants to move closer to her daughter’s school.

Welch is keeping a keen eye on the market for her client. She doesn't dismiss Democratic presidential nominee Vice President Kamala Harris'"We have tons of inventory throughout Chicago land," Welch said. "We have hundreds of properties on auction. We have properties that are abandoned."

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