“For the first time since the 2020 pandemic buying a home has become more affordable:
US homebuyers now need to earn $115,454 annually to afford the median-priced home with a 15% down payment.
This is down 1.4% year-over-year, marking the first annual decrease since June 2020, when mortgage rates were below 3%.
The drop came after mortgage rates posted their first annual decline in 3 years.
However, the income required to afford a median home is still ~90% above levels seen in 2020.
Housing affordability has a long way to go.”
🚨THIS IS THE BIGGEST US HOUSING BUBBLE OF ALL TIME🚨
This is according to Reventure analysis of 134 years of data
Inflation-adjusted prices are nearly 100% higher than the 130-year average
Prices are now even higher than in the 2006 housing Bubble👇https://t.co/yrWv4fy57V
— Global Markets Investor (@GlobalMktObserv) September 29, 2024
It's not anything like 2022 when the number of homes for sale skyrocketed and prices fell, but the number of homes for sale in the Phoenix MLS continues to increase a lot for this time of year despite big falls in interest rates in recent weeks.
Will supply continue increasing? pic.twitter.com/u17sJdLzkN
— John Wake (@JohnWake) September 29, 2024
⚠️US MORTGAGE DEMAND IS DISMAL DESPITE FALLING MORTGAGE RATES⚠️
Mortgage applications to buy a home are down since 2020 and still 43% below pre-pandemic levels.
The mortgage demand index hit 142 this month, marking the worst September since 1994.
Rate cuts are not working yet pic.twitter.com/gblZLVqvYf
— Global Markets Investor (@GlobalMktObserv) September 29, 2024
If you beg the government for lower interest rate welfare to artificiallly manipulate the price of things you own.
You're literally on government welfare.
You're literally a socialist.
— Darth Powell (@VladTheInflator) September 29, 2024