Article Summary:

In 2020, the existing home sales market has stabilized after experiencing volatility in previous years. However, the market faces a challenge in generating sales, particularly in the face of high mortgage rates.

Currently, mortgage rates are averaging around 7%, making it difficult for many potential homebuyers to get the loans they need to purchase homes. This has resulted in very few existing home sales when compared to previous years. Financial analysts point out that this may continue unless mortgage rates drop significantly.

Key Points:
• Existing home sales market currently stable, but challenged by high mortgage rates
• Mortgage rates average around 7%, making them difficult for many homebuyers to get loan
• Few existing home sales when compared to other years
• Difficulty in generating sales might persist unless mortgage rates drop

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