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US Housing Crisis:

An Impossible MessBrutal Mortgage RatesSupply and DemandThe Age FactorThe
Mortgage-FreeOne County's Fix
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‘NOT GONNA BE PRETTY:’ COVID-ERA HOMEBUYERS FACE HUGE RATE JUMP

 * Adjustable-rate mortgages are due to reset for many borrowers
 * Some 70% of holders are worried about payments, survey finds

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Single-family homes in a residential neighborhood in Aldie,
Virginia.Photographer: Nathan Howard/Bloomberg
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By Alexandre Tanzi
May 29, 2024 at 12:00 AM HST
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A small but mostly affluent group of Americans are about to see their mortgage
payments skyrocket.

They are the more than 1.7 million owners of homes bought since 2019 with an
adjustable-rate mortgage. These loans — averaging about $1 million to finance
more expensive properties — are set at a rate lower than the prevailing 30-year
for the first few years, then adjust once or twice a year based on current
borrowing costs.

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