And refinance mortgage applications plunged by over half from 2020 spike.
The distortions caused by the shift to working from anywhere are hitting households that can least afford it.
No housing market can produce enough homes when homes are massively used as vacant investment speculations. This creates an artificial shortage.
Dollar’s Purchasing Power Swoons, but CPI ignores house price inflation.
But low-tier prices of single-family houses in the vast New York City metro explode by 15%, powered by fleeing Manhattanites?
At what point does the shrinking difference no longer justify the move? But wait… the Exodus for the Sierra Nevada isn’t driven by savings.
Everything is on ice. But when forbearance ends, forced sellers or lenders will put millions of these homes on the market.
Now they’re wondering why.
The Fed smiles upon rising long-term Treasury yields as sign of economic growth and rising inflation expectations.
With actual house price inflation based on market data, overall CPI would have jumped by 3.7%. Lifting the cover on the deception to keep CPI low.