The potential borrower/buyer pool has now shrunk by -56% since 2021 when rates were 3%
Cash buyers will dominate and guess who those people are? Institutional investors mostly.
We need a reset in a major way or our kids will only become homeowners when we drop dead and leave them aa house. Its stuff like this that makes me believe a crash is inevitable even tho the data (at this precise moment) says otherwise.
Crazy stuff happening these days. Something I haven't seen discussed here.... What about rising costs of home insurance? Electricity is also up almost 50% in the last few years. Talking again about affordability. Perhaps they're trying to turn this country into Europe. We can all live 8 deep in 2 bd/2ba apartments.