Bought my house 15 years ago at 3.9% interest. Was curious what a refinance would look like now. Was quoted 7.8%. Not gonna happen.
Sometime soon folks are going to have to look squarely in the face the reality that there is no fix. Nothing can be done.
The direction of the future is down.
People will delude themselves about that and imagine someone has an answer. Wall Street as an industry is predicated on the belief that someone is a guru and has answers.
No one does. Not on Wall Street. Not in government. The mistakes made are now too large to fix.
Ever.
You point shows why housing is so tight. People do not want to increase their housing price unless they are forced due to relocation.