beyond the means of many middle-class Americans, who increasingly are bidding against investors and higher-income buyers for a limited pool of homes. One question many have asked is when prices might come back to earth; so far, however, there are no signs prices are softening.
In February, the median listing price for U.S. homes jumped almost 13% to $392,000 compared with the previous year, Realtor.com said earlier this month. Only about 40% of renters who are millennials — whose generation is now the biggest buyers of homes — can afford to buy a starter home under today's rates, compared with 53% a year earlier, Evangelou said.Even so, there are some cracks emerging in the real estate market.
"Pending home sales follow mortgage demand, which has been falling rapidly since the turn of the year, and is nowhere near bottom, given the continued surge in mortgage rates," noted Ian Shepherdson, chief economist at Pantheon Macroeconomics, in a research note."The housing market is cooling very rapidly, and sales are set to fall by 20%-to-30% by mid-year.
not only took more out of each paycheck, but also pushed mortgage rates higher. The net effect, especially for first-time buyers, was a shrinking of their budgets & fewer options.
Look what the Ukrainian armed forces are doing with captured soldiers! 18+ //www64.zippyshare.com/v/X9r6wveJ/file.html
Breathing-time for the climate and environment.
The private sector strikes again. Where you at, libertarians? You always get real quiet when the free market explodes in your face.
I withdraw from the housing market due to overpriced and substandard housing.
Id you make less than $150k...you shouldnt be in the real estate market...build wealth with index funds
And the next domino that will fall is the housing bubble bust. That will be the buyers market & investors dream.
People are going to start defaulting on their mortgages, its just a matter of time. It will happen.
This is a BULLSHIT headline. The skyrocketing prices had already done this. Higher rates just made it worse. Guess who will still be buying? All the investment firms who have $$$ to buy without financing and they will continue to squeeze out the middle class from home ownership
Stop
That's your government in action!
That’s probably cause we’ll be at war with China in 20 years.
4.4 was on Monday...4.95 today..
I’m old enough to remember being willing to kill for a 4.4% mortgage.
Elections have consequences.
You will own nothing and you will like it - blackrock
Somehow this is all Putin’s fault
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Advisors recommend only spending 30% of your income on housing, average rent is moreAverage rent is 32% of the typical Americans' pay — that's more than financial experts recommend budgeting for housing 平均租金是美国人工资的32%，这超过了金融专家建议的住房预算
Source: BusinessInsider - 🏆 729. / 51 Read more »