America’s 40-year housing market ‘tailwind’ could be coming to an end — with rising mortgage rates and worsening affordability
As home prices continue to rise - albeit at a slower pace - Americans' purchasing power is likely to decline. The latest edition of the monthly Real House Price Index from title insurer First American Financial Corp. (FAF) showed that residential property affordability fell 16.6% in August last year. The report takes into account changes in household income, mortgage rates, and nominal home prices when calculating affordability.
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