The U.S. housing market is currently facing significant challenges, with home prices reaching levels comparable to the peak of the 2000s housing bubble. High prices and low inventory are causing many potential buyers to remain renters, as they cannot afford to purchase homes in today's market. Cheap mortgages are also contributing to the issue, as they incentivize current homeowners to stay put, further reducing the supply of available homes. This situation is having broader economic implications, as it affects mobility and spending patterns. According to the National Association of Realtors Deputy Chief Economist Jessica Lautz, young adults are particularly impacted, often having to turn to rental properties due to the lack of affordable housing options. Additionally, a historic mortgage rate shock, with rates increasing from 3% to 7%, has exacerbated the affordability crisis. Despite some early signs of market softening, such as homes taking longer to sell and selling for below asking price, the overall outlook remains challenging. The Biden-Harris Administration is working to address these issues by lowering costs and providing assistance to renters. However, the problem persists, with many markets, including some in California, being described as 'impossibly unaffordable.' A survey indicates that 86% of consumers believe it’s a bad time to buy a house, and Redfin chief economist Daryl Fairweather notes that buyers are gaining more negotiating power.
“Impossibly unaffordable” house prices are keeping many residents from becoming homeowners, a report says. https://t.co/JWHEChzVZx
For years new home-buyers in America have enjoyed lower housing payments than renters. But today the choice between buying and renting looks very different. Read why https://t.co/4vohwG4rl1 👇
It’s a good thing housing transaction volume is so low, otherwise economy could really take a hit as sellers give up sweet mortgages and buyers tighten belts after dropping big down payments
Rising inventory in some of the nation’s hottest markets signals trouble https://t.co/81AdHBxGXr
More inventory is a good thing for the housing market, not a sign of the apocalypse, @LoganMohtashami writes. He compares the latest weekly data on new listings to the weekly inventory from 2008-2011. #housing #mortgage #RealEstate https://t.co/nhu3wdcbpE
New listings data is growing and prices still aren't crashing https://t.co/bglnk8el09
There are unaffordable housing markets, and then there are “impossibly unaffordable” markets, four of which are in California, a recent study said. https://t.co/lGukQp9aGp https://t.co/InGrhIovsE
Housing costs are hurting working families. That's why @POTUS has: 🏠Cut mortgage premiums by $900/year 🏠Provided assistance to 8 MILLION renters 🏠Cracked down on landlords for price fixing 🏠Targeted rental junk-fees Every family deserves access to safe, affordable housing!
The Housing Expert: "Why Home Prices Aren't Crashing Yet" - Logan Mohtas... https://t.co/u6n3kQ7rxx via @YouTube
Map of home affordability - median house cost divided by median income. One thing is clear - the west has a huge housing affordability problem, rivaled only by southern Florida and the BosWash area. https://t.co/gaF57NAFDC
The typical home is selling for less than list price for the first time since the start of the pandemic. That's because there’s more supply than demand, at least for certain types of homes in certain markets 👉 https://t.co/tXhJY5dGdA #realestate https://t.co/MCyDb5LAkB
The S.F. metropolitan area is one of the most expensive housing markets in the world. But while it has seen minor improvements in recent years, a report says, the San Jose area is becoming even more unaffordable. https://t.co/uwMozBoTCF
'Households have record-high expectations for how much home prices will be going up over the coming five years.' https://t.co/reY3xrWdkX by @apolloglobal https://t.co/zrjwENgh6C
“Impossibly unaffordable” house prices are keeping many residents from becoming homeowners, a report says. https://t.co/hbKLPAp5LK
Zoom towns are facing a potential bust, with experts saying their housing markets could be overvalued as much as 40 percent https://t.co/aZZDbgUTkN
“Households have record-high expectations to how much home prices will be going in 5 years & are very bullish on the equity market. Extreme bullishness about home prices & stock prices makes the economy more vulnerable if asset price inflation stops or reverses.” @apolloglobal https://t.co/duicZWwIln
The US housing market has entered bizarro world https://t.co/mvvrDL4JJx
Inside the crisis facing Canada’s dysfunctional housing market https://t.co/FzIqzvd6uF
Some of the world’s most liveable cities are slipping down the rankings due to acute housing shortages. Here are the winners - and the big losers. https://t.co/0tAfoI0cdF
Housing is "impossibly unaffordable" in these U.S. cities https://t.co/hTtNdyiiIH
World’s Least Affordable Housing Markets in 2024. HK rated "impossibly unaffordable." Source: Chapman University Center for Demographics and Policy's 2024 edition of Demographia International Housing Affordability. https://t.co/K3yTCNGK8U https://t.co/sCVbKdgo8a
Real estate expert predicts huge changes in the housing market: 'Things are really breaking down' https://t.co/QqZCTQPLqF https://t.co/GhtPlpPx8S
Restricting supply not only leads to higher rents ... but particularly high prices in *less than ideal* units This 540sf apartment is in one of the few larger (50+ unit) apartment buildings completed in San Francisco in the last 3 years. And it still rents for >$3000/month https://t.co/t8KKMPlnD9
Why is Hong Kong's housing market so expensive? https://t.co/Cktj8Fwpuo
World’s Least Affordable Housing Markets https://t.co/UzKU8zJfTa
For many Americans, rent is still too high or the dream of owning a home is still out of reach. The Biden-Harris Administration is working to lower these costs for good. https://t.co/hvUAPR2v96
"We're starting to see some early softening in the market," Redfin chief economist @FairweatherPhD says. "Homes [are] taking a bit longer to sell, they're selling for under asking price on average, and that means that buyers are getting a little bit more negotiating power." https://t.co/PnWMqRLqsG
The U.S. just witnessed the fastest ever deterioration in housing affordability That’ll happen when national home prices overheat, followed by a historic mortgage rate shock (3% to 7%) Data via @AtlantaFed https://t.co/35ykq4SvSF
Are you looking for a home but unsure how to proceed in today's wildly distorted housing market? Melody Wright @m3_melody is a brilliant housing analyst, and I learned so much from her in this insightful interview. Outlook: negative. https://t.co/Pe7QyQui7x
"People who can't afford to buy in today's high-priced housing market are opting to rent single-family homes instead," NAR Deputy Chief Economist Jessica Lautz said. "[Young adults] have to turn to rental properties because there is no alternative." https://t.co/xcnWYthuzs
"Cheap mortgages are forcing millions of U.S. homeowners to stay put. That is becoming a problem well beyond the property market." https://t.co/VHCOLB5pVd via @WSJ
86% of consumers believe it’s a bad time to buy a house my friends that are home builders, landlords, wholesale brokers, realtors, or just trying to sell a house… they are REALLY feeling it, but why? i decided to dig into the numbers👇🏼🧵
Heard on the Street: Cheap mortgages are forcing millions of U.S. homeowners to stay put. That is becoming a problem well beyond the property market. https://t.co/Ag9ckpi1ld
America’s Frozen Housing Market Is Warping the Economy - WSJ https://t.co/6O75Z60nTf
Analysis | America’s Frozen Housing Market Is Warping the Economy https://t.co/mygCjih7Cp
Would-Be Homeowners, Beware: Sky-High Prices Are Here To Stay https://t.co/ImaBRcFt4l
"Homes are as overvalued as they were near the peak of the 2000s bubble." @greg_ip https://t.co/jpboOvmarO