'The savings and income needed to qualify for a home loan have skyrocketed': 5 ways the housing market left buyers in the dust — and it's not over yet

The housing market is finally catching a breath after a two-year sprint. A new report breaks down how the frenzy unfolded.

The national median listing price for active listings was $447,000 in May 2022, up 17.6% compared to last year, and an increase of 35.4% vs. May 2020, according to Realtor.com. “Unlike the previous run-up when loose credit and speculative buying fueled a housing bubble, the current home-price surge largely reflects years of under-building,” the report explained.

“Federal cash supports, student-loan payment deferrals, and the pickup in employment likely boosted the incomes of many young adults enough so that they could afford to form their own households,” the authors stated. Investors have been focused on the South and West, the report stated. In the last quarter of 2021, the highest investor share of home sales was posted in Atlanta, at 41%, followed by San Jose at 38%, Phoenix and Las Vegas at 36%.“In September 2021, investors bought 29% of the homes sold that were in the bottom third by metro-area sales price, compared with 23% of homes sold in the top third,” the report stated.

Don't panic, for the past 60 years they've been saying new home ownership is out of the reach of people. Yet? They keep building homes, they keep buying the home, and YES, the banks keep making money.

End student loan forbearance

And only 4% of those same markets saw income increases to keep up with those rising housing costs. I thought Marketwatch is supposed to be some kind of economics website?

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Home Buyers Finding Creative Ways to Make All-Cash Offers in Hot MarketSome would-be buyers are pooling their money with family members or paying companies to make cash bids on their behalf. Soon it will be difficult to access cash. CBDC aims to replace it. Private electronic cash like monero are needed. people oft mistake profitability with cash in this sense. Just look at TheYoungTurks still existing vs how much they get marketed. As MagThatcher said, 'eventually you run out of other people's money' It’s ALEAYS better until you succumb to digital id and digital currency. justdeleteapps JustSayNo notobigtech
Source: WSJ - 🏆 98. / 63 Read more »