Thursday, June 21, 2018

U.S. Home Prices Least Affordable in Almost a Decade

Thanks, Fed Chairman Jay Powell. Thanks, President Trump.

Soaring home prices are now the result of a tag team. The Federal Reserve, headed by Jay Powell, continues to keep interest rates artificially low, thus fueling the price gains with newly printed money. And President Trump's tariffs on Canadian lumber appear to be adding about $10,000 to the cost of a new home, which puts upward price pressure on previously owned homes as an alternative.

In May, the median price of a previously owned homes rose to a record $264,800, newly released  National Association of Realtors data show.


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