Existing home sales continue to decline with no improvements for almost a year, highlighting a significant affordability crisis in the housing market, not seen since the 1990s.
Since January 2022, existing home sales have not improved. The affordability index shows that families need a $120,000 income to afford median-priced homes, far exceeding the current median income.
Previous proposals like free money for first-time homebuyers would worsen affordability issues, reflecting a short-term appealing solution but ultimately escalating federal deficits.
Despite a growing population, the housing market is experiencing a crash landing, with buyers eager to purchase homes but hindered by economic barriers and declining sales figures.
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