Mortgage Orb has the tantalizing headline: “Fannie Mae’s Financing for Multifamily Affordable Housing Grew Over 23%.” At first, this sounds amazing … until you realize how simply unaffordable housing is much of urban/suburban America.
If you look at the following chart, you can see multifamily (5+ unit) starts remain elevated (pink box) which is not surprising given that home prices at growing at 19.1% YoY nationally (orange circle) and REAL hourly earnings have declined (yellow triangle) thanks to reemergence of inflation after 40 years.
Then we have the humming dragon, rising mortgage rates, that will reduce housing affordability even further.
Home ownership has become simply unaffordable much like steaks. Doctor, doctor (Yellen), we got a bad case of unaffordable home ownership.
- Biden Tells NATO That the US Supreme Court is Destabilizing the World
- Rationing Has Already Started In Europe As The Entire Globe Plunges Into A Horrific Economic Nightmare
- Liz Cheney is gonna get smoked by this woman…
- Democrats don’t want to hear it, but this needed to happen…
- Are You Willing To Suffer Through A Recession For The Good Of “The Liberal World Order”?
- Black Privilege is Real in America
- A Quick Word on EVs and Oil Prices
- Zelensky Orders NATO to Pay $5 Billion a Month to Cover Costs of Pretending There’s a Chance to Win
- ‘Highly comical but sinister’ London LGBTQ+ flag display
- American Hypersonic Missile Test Fails Miserably
Views: 7