You would expect such an increase in mortgage rates would lead to the price of homes coming down but that certainly hasn’t happened yet.
“You would expect such an increase in mortgage rates would lead to the price of homes coming down but that certainly hasn’t happened yet.”
There’s lots of people with lots of stock market wealth. Apple, Microsoft, and Amazon are widely held.
My roofing contractor neighbor owns several houses. His mom lives in one. He should be a millionaire after his Hondurans finish fixing Hurricane Ian roofs.
Its because of the tens of millions of illegals. They compete for housing too, nd they can even move to nice neighborhoods and buy/rent $300k homes where our indigenous working class are competing for, since the illegals get $6,000 a month in bennies. Home prices won’t come down.
No. The problem is structural now. Home values have gone up 35% in the last 3 years. People who have a home and a locked in low mortgage (or entirely paid off home) have almost no incentive to sell their homes. If they sell and re-buy a new home, they have to reset their interest rate AND their property tax assessment will reset as well. Better to keep the home and rent it out if you HAVE to move. This will take a decade or longer to resolve and a lot of political change which is unlikely to happen especially in my home state of CA which is facing a $65 billion deficit this year. There's just hardly anybody in a position to sell a home, and few in a position to buy the ones there are.