#USHouseMarketStructureDraft

The **U.S. housing market** is a complex system involving **buyers, sellers, lenders, builders, and government agencies**. It is divided into:

1. **Primary Market** – Where new homes are built and sold.

2. **Secondary Market** – Existing home sales, making up ~90% of transactions.

3. **Rental Market** – Includes apartments and single-family rentals.

Key players include:

- **Real estate agents & brokers** facilitating transactions.

- **Mortgage lenders (banks, GSEs like Fannie Mae & Freddie Mac)** providing financing.

- **Regulators (HUD, CFPB, FHFA)** overseeing fair lending and housing policies.

Market trends are influenced by **interest rates, supply shortages, zoning laws, and economic conditions**. Recent challenges include **affordability crises, low inventory, and fluctuating mortgage rates**. Government programs (FHA, VA loans) help first-time buyers.