The New “What did you do with your Z today” (with off topic replies)

Originally Posted by vtec to vvel

https://www.cnn.com/2023/08/20/homes...ity/index.html

"As mortgage rates soar over 7%, an unaffordable housing market is becoming even more expensive"

Once again, media delivering false news. "Mortgage rates over 7%" is very affordable when putting into perspective rates of previous decades (when they were in the double digits) AND incomes were significantly lower. As I have said before, if a potential home buyer is relying on lowered rates just to qualify, they are NOT true qualified home buyers.

Also, mortgage rates now isn't the issue. In addition to a severe shortage of homes, there is also the property taxes AND insurance aspect to think about. In FL, most insurance companies are fleeing the state, thus increasing premiums for the few companies left willing to underwrite in FL. For property taxes, each time ownership changes, this is when the county/city reassesses the home value, thereby increasing your tax liability.