The housing market has been going through a substantial reset in most parts of the country over the last year. With interest rates high, is this a good time to purchase a home?

Inflation is really starting to show its ugly face in the latest housing numbers from ATTOM Data Solutions and CNBC. Home foreclosure activity surged in the last few months and is 153% higher than last year at this time. MyEListing reports that almost 15% of all renters are behind on their rent payments. There appears to be considerable trouble brewing in the housing market.

Interest rates have jumped from the low 3’s to the low 6’s just this year. Principal and interest payments have jumped over 40% for many prospective home buyers. Many homebuyers have now been pushed to the side while more and more sellers try to move their homes. As a result of the sudden change, the housing market is truly in a recession and it will be creating more opportunities for many future home buyers.

What if you are looking to purchase a home in the coming year? What can you do? What can you expect? Jim Spiewak from KUTV in Salt Lake City highlights the challenges and identifies steps you can take to get the best deal for yourself.