Hey Friends,
I have 4 fun facts to share with you today, which mainly focus on home affordability. I hope you have a great weekend!
Blessings,
Andrew
Fun Fact 1:Ā
After the Fed Rate cut, everyone thought theĀ mortgage rates would fall. Ā However,Ā those rates wentĀ north, hitting 6.6% last week and making monthly payments on a new home less affordable.
Source: Mortgage News Daily
Fun Fact 2:Ā
The 3.86 million existing homes sold in the USĀ is near the lowest activity level since 2010.
Source: Charlie Bilello
Fun Fact 3:
A lack of supply (low inventories due to the lock-in effect) and a lack of demand (due low affordability) is still causing home prices to hit new highs in 2024 (+5% YoY), further constraining affordability. (Colorado Springs is inching towards greater supply, but prices refuse to fall drastically.)
Source: Charlie Bilello
Fun Fact 4:
Home owners insurance costs continues to rise, especially in Florida, Oklahoma, Louisiana, Texas and Colorado. These are places with higher risk of wildfires, flood and wind as well as other factors that remain unknown to us common folk. šĀ Ā This, along with rising taxes,Ā is an additionalĀ factor that is absolutely crushing home affordability.
Source: Insurify
Quote I’m pondering:
“Compete externally and you compare.Ā Compete internally and you improve.” -James Clear
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Disclaimer: All information provided is for educational purposes only and does not constitute investment, legal or tax advice, an offer to buy or sell any security, or to buy or sell real estate property. Read our full disclosures HERE.
