Last year, the news in the housing market was doom and gloom.
Soaring house prices and higher mortgage rates have put homeownership out of reach for more people than at any time in more than a decade.
Housing affordability in October sank to its lowest levels since 1991…
Affordability has long been a problem for low-income home buyers. But as home prices have marched steadily higher in recent years, many buyers with healthier incomes also are being squeezed.
Prices were rising and therefore people were having a harder time being able to afford the purchase of a home. So the falling prices of homes should be good news, right?
Wrong. Falling prices now signal doom and gloom.
The median price of a new home plunged in September by the largest amount in more than 35 years, even as the pace of sales rebounded for a second month.
The debate is whether the slowdown will be enough to push the country into an outright recession.
So when prices were rising, the MSM was concerned with the “affordability gap” for low-income home buyers. But now that prices are falling, MSM is not praising the newfound affordability of houses - as evidenced by the surge in home sales… no, now they’re concerned that falling prices are evidence of an impending recession.
So to sum this up:
Rising housing prices = bad
Falling housing prices = bad
It’s all so clear now.