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HOMZ - Lower Mortgage Rates Aren't Boosting U.S. Housing
Hoya Capital Housing
The residential real estate market is less affordable now than anytime since before the financial crisis.
Federal Reserve Chairman Jerome Powell is facing a housing conundrum. The market is in the midst of a 15-month slump, with home price gains and sales having slowed dramatically and permits to build new dwellings slumping by 6.6% to the lowest level in more than two years. This despite a big drop in market interest rates thanks to the Fed's dovish pivot earlier this year.
Of course, a recession would pull down prices and solve the affordability problem (a