by Mike Shedlock at Mish Talk
On average, the economy looks OK. But averages are misleading. Several large groups of people are struggling. They all have one thing in common.
Who’s Unhappy?
Those looking to buy a home but cannot afford the record high prices, are not faring well in this economy.
The last great time to buy a home was in 2012. Over the next eight years, home prices moved further and further away from wages.
When the Covid pandemic hit in 2020, we had record QE, record fiscal stimulus, mortgage rates hit record lows, and inflation hit the highest levels in 40 years.
In response, home prices soared out of sight. Worse yet, the price of rent rose at least 0.4 percent for 28 straight months.
Rent of Primary Residence vs OER…
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