The Goldman Sachs credit strategy research team forecasts prices will rise 1.8% this year — previously they’d predicted a drop of 2.2%. With home prices going up — and mortgage rates at a 22-year-high, buying a home will be tough.
It was believed that rising mortgage rates would force home prices lower, but prices are still 26% higher than they were in the first quarter of 2020.
Even with mortgage rates hitting new highs, home prices are heading back up again.
There are not that many houses on the market, as homeowners hang onto low mortgage rates and don’t want, or can’t afford, to move.
The inventory of available single-family homes for sale is at about 1 million — the lowest level since 1999. The data suggests that housing affordability in the U.S. is at a record low dating back to 1997, according to an index tracked by Goldman that incorporates mortgage rates, home prices and household incomes.
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Mortgage rates mean absolutely nothing to those making all-cash deals, and according to data from real estate analytics firm Attom, all-cash sales made up 36.1% of all home sales in 2022.
A great way to launder money with no questions asked.
And not only that, us “come heres” will continue to buy up the Shore! Yikes…. How ya gonna survive it…!
Keep voting Democrat. We went through this with Jimmy Carter 50 years ago.