The Housing Market Is Frozen. How Much Longer Can It Stay That Way?

The American housing market has developed a serious problem. Millions of people would like to buy homes, but many cannot afford them. Existing homeowners are reluctant to sell, particularly if doing

The American housing market has developed a serious problem. Millions of people would like to buy homes, but many cannot afford them. Existing homeowners are reluctant to sell, particularly if doing so means giving up a mortgage rate of 3% or less. And builders, who cannot simply stop selling the homes they've already constructed, are increasingly offering discounts and incentives to attract buyers. The result is a market in which prices remain historically expensive, transactions are unusually