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US Housing Crisis:

An Impossible MessBrutal Mortgage RatesSupply and DemandThe Age FactorThe
Mortgage-FreeOne County's Fix
BackForward
Businessweek
Finance


THE US HOUSING MARKET HAS BECOME AN IMPOSSIBLE MESS

Americans with cheap loans don’t want to sell. Those without homes can’t afford
to buy. Will anything budge?

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Kelsey Drotning and Neil Wagner.

Photographer: Kyna Uwaeme for Bloomberg Businessweek
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By Patrick Clark and Prashant Gopal
November 2, 2023 at 10:00 AM GMT+1
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It sometimes feels as if the US housing market is in a never-ending
affordability crisis, with prices continually rising and inventory shrinking.
The reasons have ranged from anemic construction to student loan debt to
investors buying up starter homes. But even as the pandemic pushed values up
faster than ever, cheap mortgages kept buyers in the game. Now a whole new
affordability crisis is beginning. And this time, there’s no obvious way out.

The Federal Reserve bank’s aggressive tightening since last year has driven the
interest rate on a 30-year mortgage close to 8%, the highest point in almost a
quarter century, adding some $1,100 to the monthly payment on a $400,000 loan.
That might be manageable if higher rates led to lower prices. But the impact on
supply is even more drastic because of the so-called lock-in effect: Homeowners
are unwilling to let go of cheap mortgages they got when rates were scraping
bottom. This has resulted in the least affordable housing market since the
1980s, with sales approaching record lows.

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