Thanks to rampant Federal spending and overstimulus by The Federal Reserve, US housing prices are simply unaffordable for many. Particularly since the Covid epidemic (Wuhan China Flu).
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported 1.0% annual change in July, up from a 0% change in the previous month.
Yes, home prices grew in July despite rising mortgage rates. As CS Lewis wrote “That Hideous Strength” but this is about how The Fed doesn’t understand what they have done.
At the metro level, Las Vegas leads in YoY price declines at -7.2%. In a close second is San Francisco at -6.2%. Portland and Seattle also declined.
