When the government released March inflation data, it showed that prices increased by 8.5 percent from a year ago, the fastest pace since December 1981. Gas (+48.8%), food (+8.8%) and used cars (+3…
The U.S. has a burgeoning housing affordability crisis and it’s likely to persist longer than high prices in grocery stores and at gas pumps.
The reduction in inventory, along with the slow pace of building in the aftermath of the housing crash, led to a shortage of homes and pushed up prices. “Real house prices — prices adjusted for inflation — have steadily increased in the U.S. since 2012,” according to analysis from the Federal Reserve Bank of Dallas.
Before you start dusting off the Great Recession playback, there are a couple of factors that may not spell disaster. Households are in better financial condition and banks have not lost their minds with out-of-control lending. But those facts only lessen the risk of a full-blown financial crisis — they do not solve for the affordability issue.
George Ratiu, economist at Realtor.com, notes that the cost of carrying a standard 20-percent down loan for a median-priced home is “running $530 above a year ago, adding over $6,300 to the annual housing budget.”
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