human
I've been hearing a lot of news stories about the economy lately. How is it affecting the housing market?
assistant
The economic downturn has had a significant impact on the housing market, with prices dropping significantly in some areas and sales declining across the board. In addition to this, many homeowners are facing difficulty making mortgage payments due to reduced income or job loss. This has caused many people to either sell their homes at a loss or default on their mortgages, leading to further declines in home prices.