A new report from real estate data provider ATTOM examined the median home prices last year for roughly 575 U.S. counties and found that home prices in 99% of those areas are beyond the reach of the average income earner, who makes $71,214 a year, according to ATTOM.
Mortgage rates have topped 7%, adding hundreds of dollars per month to a potential house payment. Homeowners who locked in at lower mortgage rates during the pandemic have opted not to sell out of fear of having to buy another property at today’s elevated rates, depleting the supply of homes for sale.
“The only people who are selling right now are people who really need to move because of a life event — divorce, marriage, new baby, new job, etc.,” Daryl Fairweather, chief economist of Redfin, told CBS MoneyWatch. “That lack of new inventory is keeping prices high.”
“The dynamics influencing the U.S. housing market appear to continuously work against everyday Americans, potentially to the point where they could start to have a significant impact on home prices,” ATTOM CEO Rob Barber said in a statement Thursday. “We will see how this shakes out as the peak 2023 buying season winds down.”
As long as mortgage rates remain high, housing won’t pick up.
As our middle class gradually whittles away, they will get to pay for illegal crossers to have better housing. While Americans can’t buy homes, illegal crossers get $2200 to $3300 for housing, free food, education, and other benefits.
The Biden regime of progressive Democrats is ruining the American Dream.