The Human Cost: ‘2022 has been the scariest year of my adult and professional life’: One mortgage broker reveals how the housing slowdown upended financial security.

by | Jan 3, 2023 | Stock Market

When mortgage rates hit 7% in the fall, Austin-based mortgage broker Aaron Kovac was a little spooked.  After a stunning rise in home sales amid ultra-low interest rates, “the market just went absolutely silent,” the 32-year-old, who has been in the mortgage industry for six years, told MarketWatch in an interview.

As the housing market slump drags on, fear has taken over. “This is my first time going through a decline in the real-estate market,” Kovac said, “2022 has been the scariest year of my adult and professional life.” “It’s the same story everywhere — not just with other lenders, but also with real estate agents,” he added. People in the real-estate industry are feeling the pain, as buyers stay on the sidelines, reluctant to buy homes. Meanwhile, rates remain firmly above 6%. “If you were doing four to eight loans a month, you’re lucky if you have one or two right now. Many people that I’ve spoken to in the industry, including myself, have thought, ‘Do I get out? Do I need a second job to hold things over until the market picks up again?’” Kovac said. And the stress from the dip in clients is weighing on his personal finances, and mental health, Kovac said: “All that uncertainty, wondering, where is my next paycheck going to come from? Where am I going to find that next buyer?” Housing industry …

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