US housing affordability hits worst point in nearly four decades

Consumers don’t know if the Fed is going to keep raising rates or what else is on the horizon, say brokers. (Image: Getty)

Bloomberg

Mon, 21 Aug 2023

By Jennifer Epstein and Prashant GopalA recent surge in US mortgage rates has pushed affordability to the lowest level in nearly four decades. For house hunters, waiting for any relief is a risky gamble.It’s been a hard lesson. Last year’s slowdown brought a brief respite from the price gains of the pandemic boom but that’s now vanished, with home values recovering the nearly $3 trillion they’d lost. Now, one measure of borrowing costs has climbed to a level not seen in more than two decades...

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