By almost any estimate, affordability is the worst right now than it's been for as long as we have data on record - since the early 1980s.
We think home price growth will be positive but below trend - just enough that we will see affordability stabilize.
Given the expectations of gradual mortgage rate declines, coupled with rising incomes, the combination may help pull the US housing market out of its affordability trap.
The bank is projecting a slow grind in affordability back down to normal levels, potentially resolving the current affordability crisis by 2030.
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