“Houses have never been more expensive to end-user, mortgage-needing shelter buyers. It now it requires 45% more income to buy the average-priced house than just four years ago, as incomes have not kept pace it goes without saying. The recent rate surge has taken “UNAFFORDABILITY” to such extremes that prices, rates, and/or credit are now radically out of scope.”
Source: Marc Hanson: “Houses Have Never Been More Expensive To Buyers Who Need A Mortgage”