Banks are Preparing for a MORTGAGE CRASH in 2022 – potentially by the summer. That means the 2022 US Housing Market could be heading for a HOUSING CRASH sooner than most think.
The 2022 US Housing Bubble keeps growing larger. The typical mortgage payment an average US Homebuyer pays has surged by 46% over the last year due to record Home Price Appreciation and escalating Mortgage Rates due to the Federal Reserve increasing interest rates.
This unprecedented growth in Mortgage Costs has Banks and Lenders FRIGHTENED that t. will be a Mortgage Crash in the US Housing Market in 2022. Because quite simply – Homebuyers Cannot Qualify for Mortgages at today’s prices.
Consider that one year ago the typical American Homebuyer would have paid $1,170 for their monthly mortgage payment. Today that cost is over $1,700, a 46% YoY increase that is by far the largest in the last 40 Years.
This rapid escalation in Mortgage Payments (aka – the cost of owning a home) has vastly outstripped Wage Growth, which sits at only 5%. This difference is pricing Americans out of the Housing Market and could cause a Housing Crash if t. are not enough qualified borrowers at today’s prices/rates.
These surging costs are worst on the Western Half of America, in markets such as Austin, TX, Phoenix, AZ, Boise, ID, and Missoula, MT. It’s also bad in Florida, w. the locals are completely priced out of the market in cities in like Tampa, FL and Sarasota, FL.
Worse yet – these vast increases in Mortgage Rates and Payments have vastly outstripped Inflation, suggesting that the 2022 US Housing Market Forecast is not supported by either Wages or Inflation.
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Another real estate bubble