US Housing Affordability Drops to the Lowest Levels Since 2008

Housing affordability hasn’t been this low since 2008! This is according to a new report from data analytic giant, Black Knight. Meanwhile we are “missing” up to 750k homes for sale in the US which is causing a severe imbalance between supply and demand. Additionally, mortgage interest rates have been skyrocketing to nearly 4% for a 30 yr FRM. That’s up over 1% in mortgage rates since August 2021. It appears buyers and homeowners are feeling the pinch because according to the Mortgage Bankers Association, they announced on 2/9/22 that mortgage applications fell 8% last week. That was driven by a lower share of mortgage loan refinances. Get Connected To a GREAT Real Estate Agent in Your Area (ad): *** Jason Walter, CPA (lic 103885); Sacramento real estate agent and native; Realty ONE Group Complete (DRE 01923240). This post may include affiliate links (if you purchase anything through these affiliated links, the author may earn a commission).

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I post frequent housing market updates and real estate related topics for the USA so you can make a more informed decision about whether or not to buy/sell a house.

Sacramento, CA

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