Housing affordability (or better put, the lack of affordability) has reached levels not seen since the height of the 2000s housing bubble, according to the Federal Reserve Bank of Atlanta. That will happen when mortgage rates jump from 3% to over 7% just after U.S. home prices spiked over 41% during the Pandemic Housing Boom.
So, this historic deterioration in housing affordability must have driven home prices lower over the past year, right?
