Mortgage demand drops to a 22-year low as higher interest rates and inflation crush homebuyers

[Eyebee Teepee]

Originally Posted by trobesmom

The subject at hand is interest rates and mortgage demand.

there's this old Obama employee, name of Yellen.

there's the Fed, which is 4 Dems and 3 R's (Powell was originally appointed by Obama)

[Listener2307]

It will stabilize at some point.
Interest rates will be something like 6 - 7% or so and prices may come down in some areas but not all. The problem is, the pieces and parts necessary to build a house have not come down enough to materially affect a lower price.
I thought prices would come down, but now I don't think so. I thought lumber would crash but it hasn't. I track it by looking at spot price. It's 627$ now, which is higher than it was 3 years ago, but much lower than the $1400 - $1600 peaks during pandemic shutdown. Used to be 3 - $400 a few years ago, but I think that is now history. So here we are.


Homes used to cost $250. Now, they cost $450. Or whatever. And that's the New World.

[TheOldPuss]

Hear that thud, followed by the earth shaking?
It's the housing market.
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