#USHouseMarketStructureDraft The housing market in the USA is a complex system that includes primary and secondary markets, government programs, and private investors. Key participants include buyers, sellers, agents, developers, banks, and government organizations such as Fannie Mae and Freddie Mac. The market structure is characterized by a high degree of regulation, which affects the availability of mortgages and prices. Regional differences are noticeable—the cost and dynamics of the market in California, for example, differ radically from those in Ohio. Today, the market is under pressure: high rates, limited supply, and steady demand make housing less affordable. It is important to understand this structure in order to effectively invest in or purchase real estate.