Simple explanation would be that people simply can’t afford it.
Cost of living continues to rise rapidly, energy rates going up, health insurance costs rising, food is more expensive, average car prices are rising, consumers are getting pinched everywhere.
With thousand less in their bank account every year now, is it any surprise if Americans are seeing they just can’t afford mortgages on houses at historically high prices?
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It’d be particularly risky to invest right now, with prices so elevated.
https://fred.stlouisfed.org/series/QUSR628BIS
Still a lack of supply though, so unsure if supply is being allowed as flexibly as during 2007 bubble
https://fred.stlouisfed.org/series/PERMIT
Simple explanation would be that people simply can’t afford it.
Cost of living continues to rise rapidly, energy rates going up, health insurance costs rising, food is more expensive, average car prices are rising, consumers are getting pinched everywhere.
With thousand less in their bank account every year now, is it any surprise if Americans are seeing they just can’t afford mortgages on houses at historically high prices?