Taps Coogan – December 6th, 2022
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The following chart via Charlie Bilello highlights the unsustainable rise in home costs over the last couple years, a problem which has eclipsed pre-Housing Crisis era in the US.
The current landscape is the worst environment for home buyers (using a mortgage) in memory. Not too surprisingly, that has sent homebuyer traffic crashing down to the old Housing Crisis lows, with prices presumed to eventually follow trend.
With an eerie echo of 2008, adjustable rate mortgages have been taking an increasing share of the market this year as buyers search for any way to lower mortgage rates, however illusory those lower-but-variable rate deals may be.
The flip side of all this is that, if you can afford to buy in cash, the deals are starting to get better and there’s lots of room for improvement.
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