The affordability crisis is driving unprecedented price cuts in the housing market, Realtor.com says

The housing affordability crisis is forcing homebuilders to do something they’ve almost never done: slash prices on new homes more aggressively than homeowners are for their homes on the market. This is a first for the housing market in recent history, according to a Realtor.com report released Thursday.

“The current housing market is entrenched in an affordability crisis, leaving many average American families feeling excluded from the traditional promise of upward mobility and homeownership,” said Stuart Miller...