Bidding wars in recent months have fueled large gains in home values in some parts of the country, particularly states like California, Arizona, and Nevada. 
But bidding wars and the buying frenzy from a few months ago are showing signs of cooling, at a time when housing affordability has been reduced due to higher mortgage rates and home prices, Bloomberg reports.
“The bidding wars were creating a false market,” homebuyer Mike Imgarten told Bloomberg about his two-month house hunt in Sacramento, Calif., area. “Now is a good time to jump back in and see where we’re at.” read more.
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