Buyers: “I can’t afford a $750,000 home”; Elites in the Media: “Look at him, so patient!

“As soon as mortgage rates drop demand is gonna SURGE.”

I think it’s time to face facts kiddos, most of the “pent up demand” was just investors who have moved on to greener pastures. Buyers aren’t waiting for lower rates, they’re waiting for lower prices.

Mortgage Rates Hit 17-Month Lows, But ‘Homebuyers Are Staying Patient’ As Applications Stall

Did wages rise 10-fold to match the 10-fold rise in the cost of a modest house? No. That is social recession in a nutshell. And it’s accelerating.

The Typical Homebuyer’s Down Payment is a Record $67,500, Up 15% From a Year Ago

• The typical homebuyer put down 18.6% of the purchase price, up from 15% a year ago.
• Nearly 3 in 5 homebuyers put down more than 10% of the purchase price, one of the highest shares on record.
• All-cash purchases made up just over 30% of all sales, while FHA loans made up the lowest share of mortgaged sales in nearly two years.

The typical down payment for U.S. homebuyers hit a record high of $67,500 in June, up 14.8% from $58,788 a year earlier. It was the 12th consecutive month the median down payment rose year over year.

The Not Affordable American Dream in Three Pictures

h/t JPowsRealityCheckBot