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IPFS News Link • Housing

Housing market is showing signs of cracking:

• by Diana Olick

Even in the hottest markets, there is an affordability limit, and that limit is clearly now being hit.

"We're still selling most every home, but now it is usually with just one or two offers over the 10 to 15 offers we were seeing earlier in the year," said David Fogg, a real estate agent based in Burbank, California.

Homeownership is, however, gaining for younger households, especially those under 35. In the second quarter of this year, their homeownership rate hit the highest level in five years, according to the U.S. Census.