As inflation surges to levels not seen since the 1980’s, home buyers dreams are slashed. Diana Click for CNBC states “It is clearly due to the plunging affordability,” said Lawrence Yun, chief economist for the Realtors.
July 2022
Mortgage Market in Dramatic Decline from Higher Interest Rates and Inflation
Home purchase mortgage applications were 19% lower than the same week in July last year, and 6% lower than the prior week. Those numbers are a direct reflection of the impact inflation is having on our economy.