A very basic pre algebra equation predicted this would happen (if you’ve been following my rhetoric for any amount of time now this headline should come as no surprise). Next up - home values soften as demand drops and people who want liquidity are willing to take less. Math for the win.
Katie Bridge
2 年
Fingers crossed for prices to actually drop! You think build prices will drop, too?
Ivan Rodriguez
2 年
Common sense is the least common of the senses.
Chris B.
2 年
David Tresko I wonder what the impact of existing homeowner mobility will be? They can't upsize or downsize without giving up, their presumably 2% or better interest rate. Without a compelling need for existing homeowners to move, the housing market may just sit idle?
Kerry Ryan
2 年
As Richard Nixon's chief economist Herb Stein used to say, "If something can't go on forever, it won't." Home payments couldn't continue to outpace wage growth forever.
I'm very surprised that this reporting did not consider the high frequency of all-cash offers for homes ... that might actually suggest that the housing market is still quite "hot" despite mortgage demand slowing down. David Tresko
Creative Class Free Agent
2 年MFTW! Love it