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Higher home loan interest rates have taken a toll

Georgia, USA

(Jefferson County) A lot has changed when it comes to the housing market over the past several weeks. Rhonda Overberg with Re-Max Best Choice in Herculaneum says raising the interest rates has eliminated a certain amount of families looking for new homes.

Overberg says lenders look over certain expenses to approve or deny a home loan.

Overberg says the higher rates will certainly change the supply and demand going forward. Also, there has been an increase in foreclosures due to the Covid-19 moratorium being lifted several months ago.

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