The average price of American homes, in real terms (inflation adjusted), is now the highest it's ever been — even higher than the peak of the housing bubble in 2006 before it crashed 60% and bottomed out in 2012. https://www.npr.org/sections/money/...e-peak-of-the-2000s-housing-bubble-what-gives Of course, you really need to be looking at mortgage rates to understand housing affordability: http://www.freddiemac.com/pmms/pmms30.html July 2021 average 30-year mortgage rate: 2.87% (with 0.7 points) 2008 12-month average 30-year mortgage rate: 6.03% (with 0.6 points) To put that in perspective, a $500,000 mortgage (excluding down payment) would require a $2,073 monthly payment today, but a $3,007 monthly payment at 2008's 6% mortgage rates. In other words: Houses are still way cheaper, in actual out-of-pocket terms for average people, than they were in 2008.
Gov takes all the risk. Blames free market for any issues . Socializes all losses...no one in their right mind would lend private money at 2%
You won't get that 2.87% without 20% down. You are making a lot of assumptions in that very basic calculation. First-time buyers with 10% down little to know debt, 30 yr 4.50% The down payment is what gets you that low rate. The average home price in the last 10 years has doubled. So......do you have an $80,000 downpayment on your 400k house???????
Mr. Media says that BlackRock is cornering the market: https://www.foxnews.com/media/blackrock-investment-firms-killing-dream-home-ownership
Singapore has bought almost $20 billion worth of Australian real estate in the last two years, eclipsing China Jack DerwinAug. 20, 2021 Then Minister for Trade Simon Birmingham and Australian Prime Minister Scott Morrison conclude a virtual summit with Singapore Prime Minister Lee Hsien Loong. (Mick Tsikas - Pool, Getty Images) Singapore is now the second-largest buyer of Australian real estate, only trailing the United States. The city-state has spent nearly $20 billion worth in the last two years. It has eclipsed China over the same period, led by investments from large developers and its sovereign wealth fund, GIC. https://www.businessinsider.com.au/singapore-foreign-investment-australia-property-china
Very true, however presumably it would be easier to save for the down payment now than it would have been 10 years ago. Also first time home buyers with FHA loans can still receive low rates (PMI included) with only a 3.5% down payment. Additionally, FHA allows the 3.5% down payment to be a gift, so you really don't need much money saved up, and only proof of stable income. Although FHA does cap loan sizes, but the cap includes most homes. https://themortgagereports.com/1756...ral-housing-administration-assumable-203k-mip