Should be at least 10%
I like it.
People need to wake the hell up.
“Should be at least 10%”
Hopefully that happens. By my calculation, at 9.6% the ability to buy a home is literally cut in half for the same payment, relative to the minimum 15 months ago, of 2.88%.
Obviously prices haven’t dropped that much, due to the lag time in people realizing that their homes have greatly depreciated. But prices have to go down...they cannot tread water with lead weights.
That’s what it was when I bought my first house in 1990. A couple of years later it dropped to 8% so i refinanced and paid $100 less a month. That was back when you could buy a house for $82,000.