<a href="http://dailywire.com/topic/new-york-city" target="_blank" rel="noopener">New York City</a> is now one of the two most expensive cities in the world, according to <a href="https://pages.eiu.com/rs/753-RIQ-438/images/worldwide-cost-of-living-2022-summary.pdf?mkt_tok=NzUzLVJJUS00MzgAAAGIciatp7-0KKsSdx3bkI5QhffDBl493C8hHzubgm5HHLHfmygVF7w38gn-SVZKpzj7qIFUqyo_hQ_YPcfYWKoXfsJ0JumrAXyB7pM4BCvZ0SkWeg" target="_blank" rel="noopener">data</a> released by the Economist Intelligence Unit.
The Big Apple, where the average resident <a href="https://www.dailywire.com/news/average-manhattan-rent-surges-past-5000-per-month" target="_blank" rel="noopener">pays</a> as much as $5,000 each month in rent, is tied with the city-state of Singapore, which has held the top position for eight of the last 10 years as <a href="http://dailywire.com/topic/inflation" target="_blank" rel="noopener">inflation</a> continues to grip metropolitan areas across the globe. The two cities were followed by Tel Aviv, Israel; Hong Kong; and Los Angeles, California.
“A stronger currency will tend to see a city rise in the rankings, as prices are higher when expressed in international common currency,” the Economist Intelligence Unit said of New York and Singapore, two of the planet’s most important financial hubs. “Structural factors such as competition or high demand play a key role in determining the cost of living as well.”
Rounding out the world’s most expensive cities are Zurich and Geneva, Switzerland; San Francisco, California; Paris, France; Copenhagen, Denmark; and Sydney, Australia. Beyond home and apartment rents, the outlet considered prices for food, utilities, clothing, transportation, schooling, and other essentials.
The largest upward movers in the rankings were the Russian cities of Moscow and St. Petersburg. Exchange rates for the ruble have increased precipitously because of suppressed imports, capital controls, and European nations making natural gas payments with the currency. For similar reasons, five of the biggest downward movers were cities in Europe; according to the outlet, “the energy crisis that has followed Russia’s invasion of Ukraine is tipping the continent into recession and depreciating currencies” against the dollar. Indeed, the euro <a href="https://www.dailywire.com/news/global-turmoil-makes-euro-cheap-for-americans" target="_blank" rel="noopener">reached parity</a> with the dollar this year as the continent’s economy struggles.
The cheapest metropolitan areas, however, were the Middle Eastern cities of Damascus, Syria; Tripoli, Libya; and Tehran, Iran. Cities in southern Asia, such as Colombo, Sri Lanka; Chennai, India; and Karachi, Pakistan, were also among the least expensive.
Cities in the United States &#8212; including Atlanta, Georgia, and Boston, Massachusetts &#8212; account for six of the top global movers. Apartment rental markets <a href="https://www.dailywire.com/news/rental-market-remains-brutal-nationwide-cools-in-some-large-cities" target="_blank" rel="noopener">remain heated</a> across the country, with the national average rent for a one-bedroom apartment surpassing $1,500 earlier this year.
Rising mortgage rates induced by efforts from the Federal Reserve to control inflation by hiking target federal funds rates have caused a spillover effect into rental markets. The National Association of Home Builders’ Housing Opportunity Index <a href="https://www.dailywire.com/news/housing-affordability-plummets-to-new-low-with-all-the-least-affordable-housing-markets-in-california" target="_blank" rel="noopener">shows</a> that a mere 42.2% of American families earning $90,000 annually were able to afford new and existing homes sold between the beginning of July and the end of September.
“The housing market and affordability conditions have continued to weaken throughout the year as rising mortgage rates, supply chain bottlenecks and a lack of skilled construction workers continue to push housing costs higher,” National Association of Home Builders Chairman Jerry Konter said in a <a href="https://www.nahb.org/news-and-economics/press-releases/2022/11/housing-affordability-falls-to-more-than-10-year-low-as-rising-interest-rates-take-a-toll" target="_blank" rel="noopener">statement</a>. “Entry-level buyers are particularly hurt, as more of them are getting priced out of the market.”

Aerial view of Loser Manhattan skyline, New York City, USA

New York Tops Ranking Of The World’s Most Expensive Cities To Live In

New York Tops Global Rankings Of Most Expensive Cities

Economy

Housing

Inflation

New York City

Real estate

World

<a href="http://dailywire.com/topic/housing" target="_blank" rel="noopener">Home</a> prices could fall between 15% and 20% in the wake of elevated <a href="http://dailywire.com/topic/inflation" target="_blank" rel="noopener">prices</a> induced by a variety of <a href="http://dailywire.com/topic/economy" target="_blank" rel="noopener">economic</a> phenomena, according to a <a href="https://www.dallasfed.org/research/economics/2022/1115" target="_blank" rel="noopener">report</a> from the Federal Reserve Bank of Dallas.
Median home sale prices surged from $322,600 in the second quarter of 2020 to $454,900 in the third quarter of 2022, according to <a href="https://fred.stlouisfed.org/series/MSPUS" target="_blank" rel="noopener">data</a> from the Department of Housing and Urban Development. The increased prices over the past two years reflect higher consumer demand spurred by cheap credit, pandemic-era lifestyle changes such as virtual work and migration between states, and stimulus measures from the lockdown-induced recession, according to Federal Reserve Bank of Dallas senior research economist Enrique Martínez-García.
Prices had already been steadily increasing over the past decade as a result of constrained housing supply, while lockdowns introduced logistics bottlenecks and higher labor costs that further restricted the number of available homes, according to the report, which added that soaring home prices produced a “fear of missing out” among buyers and investors who rushed to acquire properties.
“A housing boom — such as the pandemic-era run-up — becomes frothy when the belief becomes widespread that today’s robust price increases will continue unabated … This self-fulfilling mechanism leads to exponential price growth until a price correction inevitably occurs,” Martínez-García said. “Moreover, the latest statistics … closely parallel the preceding housing bubble, with the data once again showing evidence of explosive behavior in the price-to-rent and price-to-income ratios as well.”
A plummet in home prices might complicate efforts from policymakers at the Federal Reserve to cut inflation. Central bankers have increased the target federal funds rate at four consecutive 0.75% increments. “Achieving a soft economic landing … cannot be taken for granted given that further monetary policy tightening can increase the household mortgage debt servicing burden and boost the odds of a severe house price correction,” wrote Martínez-García.
Indeed, actions from the Federal Reserve have caused mortgage rates to witness one of the most significant sustained increases in decades. The 30-year fixed mortgage rate remained below 3% for much of the past two years, according to <a href="https://fred.stlouisfed.org/series/MORTGAGE30US" target="_blank" rel="noopener">data</a> from government-backed mortgage company Freddie Mac, before rising to more than 7% earlier this month.
Mortgage rates have, in turn, impacted housing affordability even as evidence of a <a href="https://www.dailywire.com/news/home-prices-are-dropping-at-fastest-pace-ever-recorded-by-key-index" target="_blank" rel="noopener">decline in home prices</a> continues to mount. According to an <a href="https://www.dailywire.com/news/americans-now-need-a-six-figure-salary-to-afford-a-median-priced-home" target="_blank" rel="noopener">analysis</a> from real estate brokerage Redfin, monthly mortgage payments on the typical home have surged more than 45% since the same time last year to reach $2,682, implying that the annual salary necessary to afford such a property has increased from $73,668 to $107,281. Four of the five metropolitan areas seeing the greatest cost increases are in the state of Florida, which has also seen the fastest influx of residents from other states over the past two years, while all five of the most expensive cities are in California, which is among the states witnessing the fastest population decline.
Demand among potential homebuyers across the country continues to <a href="https://www.dailywire.com/news/pending-home-sales-plummet-as-housing-market-is-rocked-by-soaring-mortgage-rates" target="_blank" rel="noopener">plummet</a> due to elevated mortgage rates. The Pending Home Sales Index from the National Association of Realtors declined 10.2% in September, exceeding the 3.8% consensus from analysts while pending transactions have fallen year-over-year by 31.0%.

Houses on suburban block, Apopka, Florida

Here’s How Much Home Prices Could Soon Plunge

Home Prices Could Fall As Much As 20%

Federal Reserve

U.S.

Homebuyers in the United States must earn six-figure salaries in order to afford a median-priced home, according to an <a href="https://www.redfin.com/news/homebuyer-income-increase-october-2022/" target="_blank" rel="noopener">analysis</a> from <a href="http://dailywire.com/topic/housing" target="_blank" rel="noopener">real estate</a> brokerage Redfin.
As housing prices remain elevated and the monthly mortgage payment on the typical home surges more than 45% since the same time last year to reach $2,682, the annual salary required to afford such a property has increased from $73,668 to $107,281. Average hourly wages have nominally increased 5% over the same period as <a href="http://dailywire.com/topic/inflation" target="_blank" rel="noopener">inflation</a> continues to erode consumer purchasing power.
“High rates are making buyers rethink their priorities, as many of them can no longer afford the home they want in the location they want,” Redfin Agent Chelsea Traylor, who works in Washington, D.C., commented. “If you had a $900,000 budget a few months ago, rising rates mean it’s now around $700,000 — and sellers aren’t dropping their prices enough to make up for the change. So buyers are searching further away from the city in more affordable areas.”
Four of the five metropolitan areas with the most rapid increase in annual income required to afford a median-priced home are located in the state of Florida. Buyers in the city of North Port must earn $131,535 to afford a $3,288 monthly payment, while those in Miami, Tampa, and Cape Coral must likewise collect six-figure salaries.
Meanwhile, the five metropolitan areas requiring the highest income are all in California, with buyers in San Francisco needing a $402,821 salary to afford a $10,071 monthly payment. A previous <a href="https://www.dailywire.com/news/housing-affordability-plummets-to-new-low-with-all-the-least-affordable-housing-markets-in-california" target="_blank" rel="noopener">report</a> from the National Association of Home Builders likewise found that all of the least affordable real estate markets in the country are in the Golden State.
Florida saw the nation’s largest net domestic migration between July 2020 and July 2021, with more than 220,000 people moving to the state, according to <a href="https://www.census.gov/newsroom/press-releases/2021/2021-population-estimates.html" target="_blank" rel="noopener">data</a> from the Census Bureau. Florida was followed by Texas and Arizona, while New York, California, and Illinois led the nation in terms of population decline.
Traylor remarked that some buyers are waiting for prices or rates to decrease before they purchase a home. “I’m encouraging buyers to think long term,” she continued. “Prices are unlikely to fall drastically in the long run, so buying a home now — if you can afford the monthly payment — will still help you build wealth over time, especially if you plan to live in it for several years. Even though rates are high, another advantage of buying now is the lack of competition and opportunity to negotiate with sellers.”
As of one year ago, homebuyers only needed six-figure salaries to afford a median-priced home in 16 metropolitan areas considered by Redfin. Today, however, such conditions exist in 45 cities.
Recent declines in housing affordability occur as mortgage rates witness one of the largest sustained increases in decades. The 30-year fixed mortgage rate remained below 3% for much of the past two years, according to <a href="https://fred.stlouisfed.org/series/MORTGAGE30US" target="_blank" rel="noopener">data</a> from government-backed mortgage company Freddie Mac. The rate surged from approximately 3% earlier this year to more than 7% earlier this month, with most of the increases occurring after the Federal Reserve hiked target interest rates at four consecutive 0.75% increments.

Housing Subdivision

Americans Now Need A Six-Figure Salary To Afford A Median-Priced Home

California Has All Of The Nation's Most Expensive Real Estate. Florida Has The Most Growth In Housing Costs.

California

Florida

This article is a companion piece to today’s Morning Wire Afternoon Update. To listen to the podcast version, click <a href="https://www.dailywire.com/podcasts/morning-wire/friday-afternoon-update-11-25-22" target="_blank" rel="noopener">here</a>.
Airline Travel Returns To Pre-Pandemic Levels, Still Below Record
If you’ve been traveling for Thanksgiving this week, you know that airline travel is back to pre-pandemic levels — but hasn’t quite hit 2019’s record of 2.9 million travelers on the Sunday after Thanksgiving.
The TSA is expecting to screen 2.5 million passengers a day across U.S. airports on the busiest days this week. Transportation Secretary Pete Buttigieg celebrated the numbers.
&#8220;We are delighted that demand is returning like nobody thought possible with more and more passengers having the desire and the income to return to the skies,&#8221; Buttigieg <a href="https://www.youtube.com/watch?v=aE58XuzIBfc" target="_blank" rel="noopener">said</a>.
Mask Mandates Imminent? 
The Department of Health and Human Services is again <a href="https://www.dailywire.com/news/new-report-suggests-going-back-to-masks-social-distancing-because-of-long-covid" target="_blank" rel="noopener">saying</a> that the American public should partake in masking and social distancing to reduce the spread of COVID and guard against “Long COVID.”
The new report, sponsored by HHS and conducted by research agency Coforma, suggested that these policies should be either strongly encouraged or even mandated while calling for expanded government programs that offer financial support and benefits for COVID victims.
Home Purchases Decreasing
Rising interest rates and high home prices <a href="https://www.investopedia.com/investor-home-purchases-6831856" target="_blank" rel="noopener">have led</a> to a 30% drop in home purchases by investors in the third quarter.
The reduction means fewer homes being built or restored for future buyers. Home purchases by investors fell from 94,000 in the same quarter last year to 66,000 this year. Also driving the trend is the slowing of rent growth from 13% to just 10%.
EU Sends More Money To Ukraine
As Russian President Vladimir Putin’s assault rages on, the European Union <a href="https://www.reuters.com/world/europe/ukraine-receives-25-billion-euros-assistance-eu-2022-11-22/" target="_blank" rel="noopener">sent Ukraine another $2.5 billion in assistance</a> on Tuesday. The EU is expected to approve another $18 billion in 2023. So far, the EU has sent $6.7 billion total to Ukraine for a variety of necessities and supplies.
Bye-Bye, Fauci
Dr. Anthony Fauci’s final White House press conference went sideways this week after a reporter <a href="https://www.dailywire.com/news/no-surprise-faucis-final-message-is-a-lecture-on-masks-getting-the-latest-booster" target="_blank" rel="noopener">asked</a> a question about what Fauci has done to investigate the origins of COVID. White House Press Secretary Karine Jean-Pierre shut down the question.
&#8220;We have a process here,&#8221; Jean-Pierre <a href="https://www.dailywire.com/news/karine-jean-pierre-loses-control-of-briefing-room-and-herself-as-journalists-balk-at-her-skipping-conservative-reporter" target="_blank" rel="noopener">scolded</a>. &#8220;I&#8217;m not calling out on people who yell. And you&#8217;re being … disrespectful to your colleagues, and you&#8217;re being disrespectful to our guest. I will not call on you if you yell, and also you&#8217;re taking time off the clock because Dr. Fauci has to leave in a couple of minutes.”
“Avatar” Sequel Coming Soon
The much-anticipated sequel to the 2009 box office hit “Avatar” is due to <a href="https://www.dexerto.com/tv-movies/avatar-2-may-be-the-most-expensive-movie-of-all-time-1993407/" target="_blank" rel="noopener">release</a> December 16 and is projected to be one of, if not the most, expensive film ever produced. Director James Cameron has declined to state just how expensive the film’s budget was, but reports suggest that the production budget alone was $250 million.
Big College Football Weekend
And, in some sports news, the final weekend of the college football regular season promises some big rivalry matchups, including the <a href="https://www.dailywire.com/news/michigan-vs-ohio-state-coach-schembechlers-final-speech-still-rings-true" target="_blank" rel="noopener">second-ranked Ohio State Buckeyes versus the third-ranked Michigan Wolverines</a>, and the seventh-ranked USC Trojans versus the 18th-ranked Fighting Irish. And, of course, my underrated Florida State Seminoles are facing off against the Florida Gators Friday evening.
To listen to the audio version of this podcast, <a href="https://podcasts.apple.com/us/podcast/morning-wire/id1576594336" target="_blank" rel="noopener">click here</a>. And for more in-depth discussion of the biggest stories of the day, listen to the latest full episode of Morning Wire every morning.

Friday

Friday Afternoon Update: Feds Suggest Mask Mandates, Home Purchases Drop, Fauci Dodges The Press

Friday Afternoon Update: Mask Mandates Coming?, Home Purchases Drop, Fauci Dodges The Press

Airlines

Anthony Fauci

College Football

Europe

General

Mask Mandate

Morning Wire

Movies

Podcast

Eleven major metropolitan areas in the United States saw median rental rates decline last month, according to an <a href="https://www.redfin.com/news/redfin-rental-report-october-2022/" target="_blank" rel="noopener">analysis</a> from <a href="http://dailywire.com/topic/housing" target="_blank" rel="noopener">real estate</a> brokerage Redfin, as economic headwinds and inflationary pressures discourage renters from moving.
The company found that the median nationwide asking rent rose 7.8% year-over-year, constituting the second consecutive month of single-digit increases following nearly one year of double-digit gains. The typical renter is now paying $1,983, marking a 0.9% month-over-month decrease from September.
“Demand for rentals is slowing because economic uncertainty is prompting many renters to stay put, and persistent inflation is shrinking renter budgets. That’s causing rent growth to cool,” Redfin Deputy Chief Economist Taylor Marr said in a press release. “There are signs that inflation is starting to ease, but it will likely be a while before renters see meaningful relief given that rents are still up more than wages.”
Milwaukee, Wisconsin, saw a 17.6% decline in rental prices between September and October, representing the largest decline of any other major metropolitan real estate market. Rents in Minneapolis, Minnesota, fell 7.8%, while those in Baltimore, Maryland, and Seattle, Washington, decreased 3.2% and 2.7% respectively. Cities in the Midwest and South saw the most rapid increases, with prices in Oklahoma City, Oklahoma, surging 31.7% month-over-month as prices in Raleigh, North Carolina, and Cincinnati, Ohio, increased 21% and 17% respectively.
Only five metropolitan areas saw rent decline during the month of September. New York City, New York, currently maintains the country’s highest median rent at $4,068.
Earlier reports indicated that soaring real estate prices caused some would-be homebuyers to <a href="https://www.dailywire.com/news/rental-market-remains-brutal-nationwide-cools-in-some-large-cities" target="_blank" rel="noopener">search for apartments</a> rather than contending with elevated purchasing costs, introducing upward price pressure in some rental markets. Home prices are now falling due to higher mortgage rates discouraging demand; nevertheless, affordability is also plummeting because of higher mortgage payments, according to <a href="https://www.dailywire.com/news/housing-affordability-plummets-to-new-low-with-all-the-least-affordable-housing-markets-in-california" target="_blank" rel="noopener">data</a> from the National Association of Home Builders.
The 30-year fixed mortgage rate remained below 3% for much of the past two years, according to <a href="https://fred.stlouisfed.org/series/MORTGAGE30US" target="_blank" rel="noopener">data</a> from government-backed mortgage company Freddie Mac. The rate has surged from approximately 3% earlier this year to more than 7% earlier this month, with most of the increases occurring after the Federal Reserve hiked target interest rates at the fastest pace in three decades.
“The housing market and affordability conditions have continued to weaken throughout the year as rising mortgage rates, supply chain bottlenecks and a lack of skilled construction workers continue to push housing costs higher,” National Association of Home Builders Chairman Jerry Konter said in a <a href="https://www.nahb.org/news-and-economics/press-releases/2022/11/housing-affordability-falls-to-more-than-10-year-low-as-rising-interest-rates-take-a-toll" target="_blank" rel="noopener">statement</a>. “Entry-level buyers are particularly hurt, as more of them are getting priced out of the market.”
Metrics such as the National Association of Realtors’ Pending Home Sales Index have <a href="https://www.dailywire.com/news/pending-home-sales-plummet-as-housing-market-is-rocked-by-soaring-mortgage-rates" target="_blank" rel="noopener">witnessed</a> rapid declines, further demonstrating lower market interest in new home purchases. Fannie Mae, a government-sponsored enterprise which securitizes mortgage loans, predicted in an <a href="https://www.fanniemae.com/research-and-insights/forecast/fed-maintains-its-resolve-markets-build-risk#:~:text=As%20measured%20by%20the%20Fannie%20Mae%20Home%20Price%20Index%20(FNM,negative%20beginning%20in%20Q2%202023." target="_blank" rel="noopener">analysis</a> last month that home prices will decline 1.5% in 2023; meanwhile, estimated increases in home prices were revised from 16% to 9% for 2022. The organization noted early signs of cooling labor market pressures, which had constrained builders’ capacity to increase housing inventory, although interest rates are still projected to increase.

Milwaukee apartments

Rent In Some Large Cities Begins To Fall

Milwaukee

<a href="http://dailywire.com/topic/housing">Housing</a> affordability has fallen to its lowest level in a decade, with all of the least affordable markets in the state of <a href="http://dailywire.com/topic/california">California</a>, according to data from the National Association of Home Builders.
The organization’s Housing Opportunity Index shows that a mere 42.2% of American families earning $90,000 per year were able to afford new and existing homes sold between the beginning of July and the end of September. Affordability is expected to weaken further as mortgage rates increase.
“The housing market and affordability conditions have continued to weaken throughout the year as rising mortgage rates, supply chain bottlenecks and a lack of skilled construction workers continue to push housing costs higher,” National Association of Home Builders Chairman Jerry Konter said in a <a href="https://www.nahb.org/news-and-economics/press-releases/2022/11/housing-affordability-falls-to-more-than-10-year-low-as-rising-interest-rates-take-a-toll">statement</a>. “Entry-level buyers are particularly hurt, as more of them are getting priced out of the market.”
The organization has not recorded a lower affordability reading since its analysts began tracking the metric consistently in 2012. The most recent affordability data marks the second consecutive quarterly record low.
Despite indications of <a href="https://www.dailywire.com/news/home-prices-are-dropping-at-fastest-pace-ever-recorded-by-key-index">falling home prices</a>, cost pressures in the housing market have been mounting as the Federal Reserve increases the target federal funds rate at the fastest pace in decades. The 30-year fixed mortgage rate remained below 3% for much of the past two years, according to <a href="https://fred.stlouisfed.org/series/MORTGAGE30US">data</a> from government-backed mortgage company Freddie Mac. The rate has surged from a reading of approximately 3% earlier this year to reach 7.1% as of Thursday, with most of the increases occurring after the central bank hiked interest rates.
“The best way to reduce housing costs is to boost supply,” National Association of Home Builders Chief Economist Robert Dietz added. “Policymakers must prioritize fixing building material supply chains and easing excessive regulations to help bring down construction costs and enable home builders to increase housing production.”
All five of the least affordable large and small housing markets, defined respectively as metropolitan areas with more or less than 500,000 residents, are currently located in California. A mere 3.7% of homes sold to residents of Los Angeles in the third quarter were affordable to families earning the median income of $91,100. Similar phenomena nationwide have produced a <a href="https://www.dailywire.com/news/rental-market-remains-brutal-nationwide-cools-in-some-large-cities">spillover effect</a> in the apartment rental market, while the most overwhelmed cities are located in the western portion of the country.
A separate <a href="https://www.nar.realtor/newsroom/nar-finds-share-of-first-time-home-buyers-smaller-older-than-ever-before">report</a> from the National Association of Realtors found that only 26% of home buyers were individuals searching for their first homes, even as the age of typical first-time buyers increased from 33 last year to 36 this year, constituting an all-time high. Meanwhile, the share of homes bought in small towns and rural areas increased to the highest levels ever recorded, while suburban and urban properties were markedly less popular from one year ago.
&#8220;Family support systems still prevailed as a motivating factor when moving and in neighborhood choice,&#8221; National Association of Realtors Vice President of Demographics and Behavioral Insights Jessica Lautz said. &#8220;For others, housing affordability was a driving factor to seek homes in areas farther away. For many, remote work decisions were formalized in the last year, providing clarity for employees to permanently move to more distant areas.&#8221;

Suburban street with palm trees

Housing Affordability Plummets To New Low, With All The Least Affordable Housing Markets In California

Housing Affordability Plummets To New Low

The number of pending home sales plummeted last month as the <a href="http://dailywire.com/topic/housing" target="_blank" rel="noopener">housing</a> market is rattled by soaring mortgage rates, according to <a href="https://www.nar.realtor/newsroom/pending-home-sales-waned-10-2-in-september" target="_blank" rel="noopener">data</a> from the National Association of Realtors released Friday.
The trade association’s Pending Home Sales Index declined 10.2% in September, exceeding the 3.8% consensus from analysts. Pending transactions fell year-over-year by 31.0%.
&#8220;Persistent inflation has proven quite harmful to the housing market,&#8221; National Association of Realtors Chief Economist Lawrence Yun said in a press release. &#8220;The Federal Reserve has had to drastically raise interest rates to quell inflation, which has resulted in far fewer buyers and even fewer sellers.&#8221;
The 30-year fixed mortgage rate recently surpassed 7% as the central bank implements the most aggressive <a href="https://www.dailywire.com/news/elon-musk-agrees-with-a-furious-jeremy-siegel-that-fed-actions-which-blew-up-the-stock-market-make-absolutely-no-sense" target="_blank" rel="noopener">contractionary monetary regime</a> in three decades. Yun noted that many homeowners who locked in mortgage rates below 3% prior to this year are unwilling to list their properties. Borrowers can expect monthly payments of roughly $2,000 on a $300,000 mortgage under current market conditions, marking an increase of more than $700 since one year ago.
Mortgage rates began to soar when the Federal Reserve hiked rate targets in both June and July. The ratio between average total monthly payments and median income surged to 43.3% as of August, exceeding levels witnessed before the 2008 housing crisis, according to <a href="https://www.atlantafed.org/center-for-housing-and-policy/data-and-tools/home-ownership-affordability-monitor.aspx">data</a> from the Federal Reserve Bank of Atlanta.
Meanwhile, home prices are <a href="https://www.dailywire.com/news/home-prices-are-dropping-at-fastest-pace-ever-recorded-by-key-index" target="_blank" rel="noopener">falling</a> at a record pace, as indicated by S&amp;P CoreLogic Case-Shiller Index. Although prices are still elevated for the year, the metric reported annual gains at 13% in August, marking a decline from 15.6% in the previous month and the largest plummet in housing costs since the metric was created in 1987.
“As the Federal Reserve moves interest rates higher, mortgage financing becomes more expensive and housing becomes less affordable,” S&amp;P Managing Director Craig Lazzara said in an <a href="https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20221025-1457029/1457029_cshomeprice-release-1025.pdf" target="_blank" rel="noopener">analysis</a>. “Given the continuing prospects for a challenging macroeconomic environment, home prices may well continue to decelerate.”
Indeed, the current economy is characterized by <a href="https://www.dailywire.com/news/ocean-shippers-reveal-major-sign-that-the-global-economy-is-in-dire-straits" target="_blank" rel="noopener">supply chain issues</a> that have limited the availability of consumer goods and <a href="https://www.dailywire.com/news/number-of-disabled-workers-in-the-job-market-soars-by-nearly-1-million-since-early-2020" target="_blank" rel="noopener">labor shortages</a> that have presented difficulty to businesses attempting to fill their payrolls, both of which have contributed to record <a href="https://www.dailywire.com/news/bidens-america-half-of-adults-consider-second-jobs-to-make-ends-meet" target="_blank" rel="noopener">inflationary pressures</a>. As voters prepare to cast their midterm ballots in less than two weeks, one <a href="https://www.dailywire.com/news/americans-know-whos-to-blame-for-soaring-inflation-joe-biden" target="_blank" rel="noopener">survey</a> from Rasmussen found that 60% of voters blame President Joe Biden and his policies for “increased inflation,” while only 13% of respondents believe the White House has been successful in taming high price levels.
National Association of Home Builders Chairman Jerry Konter recently <a href="https://www.dailywire.com/news/housing-affordability-plummets-trade-group-calls-out-biden-for-ignoring-the-problem" target="_blank" rel="noopener">condemned</a> the administration for taking an economic victory lap and claiming that the most recent inflation report “shows some progress in the fight against higher prices,” noting that shelter costs account for nearly one-third of the total rise in price levels.
“If President Biden is truly serious about fighting inflation, he needs to address the nation’s growing housing affordability crisis,” he said in a statement two weeks ago. “Acknowledging and getting serious about tackling the nation’s housing affordability crisis will go a long way to reining in stubbornly high inflation and reduce the economic pain of millions of American families.”

Suburban homes photo

Pending Home Sales Plummet As Housing Market Is Rocked By Soaring Mortgage Rates

Pending Home Sales Drop 10% In A Single Month

Business

<a href="http://dailywire.com/topic/housing" target="_blank" rel="noopener">Mortgage rates</a> reached their highest levels since 2001, according to <a href="https://www.mba.org/news-and-research/newsroom/news/2022/10/26/mortgage-applications-decrease-in-latest-mba-weekly-survey" target="_blank" rel="noopener">data</a> released on Wednesday by the Mortgage Bankers Association.
The 30-year fixed rate mortgage rose for the tenth consecutive week, reaching 7.16% as purchase applications fell. The increase occurs after the <a href="http://dailywire.com/topic/federal-reserve" target="_blank" rel="noopener">Federal Reserve</a> thrice increased the target <a href="http://dailywire.com/topic/interest-rates" target="_blank" rel="noopener">federal funds</a> rate by 0.75% increments, marking the fastest rollback of expansionary monetary policy in decades.
“The ongoing trend of rising mortgage rates continues to depress mortgage application activity, which remained at its slowest pace since 1997,” Mortgage Bankers Association Vice President and Deputy Chief Economist Joel Kan said in a <a href="https://www.mba.org/news-and-research/newsroom/news/2022/10/26/mortgage-applications-decrease-in-latest-mba-weekly-survey" target="_blank" rel="noopener">statement</a>. “Refinance applications were essentially unchanged, but purchase applications declined 2% to the slowest pace since 2015 — over 40% behind last year’s pace.”
Amid the rise in mortgage rates, which began to accelerate when the Federal Reserve hiked interest rate targets in both June and July, the ratio between average total monthly payments and median income surged to 43.3% as of August, exceeding levels witnessed ahead of the 2008 housing crisis, according to <a href="https://www.atlantafed.org/center-for-housing-and-policy/data-and-tools/home-ownership-affordability-monitor.aspx">data</a> from the Federal Reserve Bank of Atlanta’s National Home Ownership Affordability Monitor Index. Some findings nevertheless indicate that housing prices are <a href="https://www.dailywire.com/news/home-prices-are-dropping-at-fastest-pace-ever-recorded-by-key-index" target="_blank" rel="noopener">falling</a> due to plummeting demand.
“Rising rates are already greatly impacting affordability,” Heritage Foundation economic research fellow Joel Griffith told The Daily Wire. “A mortgage payment today on a median-priced home costs $3,000 — more than double the typical payment just two years ago as mortgage interest rates soared from under 3% to more than 7% even as home prices jumped 36% to all-time record highs, even when adjusted for overall inflation.”
Griffith said that higher interest rates will place upward pressure on mortgage payments even as prices for residential real estate begin to decline. “For instance, even if home prices tumble by 20%, a mortgage on a median-priced home will be close to $2,400 — still far higher than the $1,400 mortgage payment on the identical home just two years ago,” he remarked.
The Federal Reserve, which typically slashes or raises target rates at 0.25% increments, is pivoting away from a monetary stimulus regime intended to boost economic activity during the lockdown-induced recession. Contractionary policy, however, restrains economic activity by increasing borrowing costs for consumers and businesses. Many economists have <a href="https://www.dailywire.com/news/elon-musk-agrees-with-a-furious-jeremy-siegel-that-fed-actions-which-blew-up-the-stock-market-make-absolutely-no-sense" target="_blank" rel="noopener">criticized policymakers</a> in recent months for suddenly reverting to a hawkish posture toward inflation.
“The Federal Reserve anticipated the rise in mortgage rates. Low interest rates were a natural consequence of the Federal Reserve printing money — more than doubling its balance sheet from just $4.2 trillion in March 2020 to more than $8.8 trillion today,” Griffith added. “The Federal Reserve specifically meddled in the housing market by purchasing $1.2 trillion of mortgage-backed securities from Fannie Mae, Freddie Mac, and Ginnie Mae — doubling the amount of securities it owned. This drove home prices higher by driving down mortgage rates — enabling borrowers to take out ever bigger loans.”
Economic issues are top-of-mind for Americans preparing to cast ballots in the midterm elections. One recent <a href="https://www.dailywire.com/news/new-midterm-poll-spells-bad-news-for-democrats-on-the-economy">poll</a> from ABC News and The Washington Post painted a generally dismal picture for the Democratic Party as 84% of voters indicated that the economy was the top issue on their minds, yet skewed 16% toward Republicans with respect to trust in handling the issue.

Aerial view of suburban neighborhood

Mortgage Rates Jump To Highest Level Since 2001

Mortgage Rates Surge Past 7%

Biden Administration

Interest Rates

<a href="http://dailywire.com/topic/housing" target="_blank" rel="noopener">Home</a> prices are falling at a record pace, according to data from S&amp;P Global released Tuesday.
Prices are still up for the year, but the percentage keeps dropping each month. The S&amp;P CoreLogic Case-Shiller Index, which tracks national home prices, reported annual gains at 13% in August, marking a decline from 15.6% in the previous month and the largest plummet in housing costs since the metric was created in 1987.
“As the Federal Reserve moves interest rates higher, mortgage financing becomes more expensive and housing becomes less affordable,” S&amp;P Managing Director Craig Lazzara said in an <a href="https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20221025-1457029/1457029_cshomeprice-release-1025.pdf" target="_blank" rel="noopener">analysis</a>. “Given the continuing prospects for a challenging macroeconomic environment, home prices may well continue to decelerate.”
The central bank <a href="https://www.dailywire.com/news/heres-what-the-federal-reserves-recent-rate-hike-means-for-the-economy" target="_blank" rel="noopener">raised</a> the target federal funds rate by 0.75% in both June and July before hiking rates by the same amount in September. Policymakers, who conventionally raise and slash rate targets by 0.25% increments, are combating inflation which has reached four-decade highs.
The 30-year fixed mortgage rate has remained below 3% for much of the past two years, according to <a href="https://fred.stlouisfed.org/series/MORTGAGE30US" target="_blank" rel="noopener">data</a> from government-backed mortgage company Freddie Mac. Since the beginning of the year, however, the rate has surged from just over 3% to reach 6.9% amid the Federal Reserve’s actions, including a jump of nearly 1% in less than one month.
S&amp;P also reported that the 10-City Composite annual increase fell from 14.9% in July to 12.1% in August, while the 20-City Composite annual increase fell from 16.0% to 13.1%. The largest declines in housing prices came from San Francisco, Seattle, and San Diego.
Many cities on the West Coast are witnessing price increases in <a href="https://www.dailywire.com/news/rental-market-remains-brutal-nationwide-cools-in-some-large-cities" target="_blank" rel="noopener">rental markets</a> as would-be homebuyers search for apartments to avoid contending with elevated real estate prices. For example, the average rent for a one-bedroom apartment is presently $3,100 in San Francisco.
“These data show clearly that the growth rate of housing prices peaked in the spring of 2022 and has been declining ever since,” Lazzara added.
Despite the nationwide trend of falling home prices, the cities of Miami, Tampa, and Charlotte saw the highest price increases among the 20 cities analyzed by the S&amp;P index. Home prices in Miami have increased 28.6% year-over-year, while prices in the latter two cities have respectively increased 28.0% and 21.3%.
Florida saw the nation’s largest net domestic migration between July 2020 and July 2021, with more than 220,000 people moving to the state, according to <a href="https://www.census.gov/newsroom/press-releases/2021/2021-population-estimates.html" target="_blank" rel="noopener">data</a> from the Census Bureau. Florida was followed by Texas and Arizona, while New York, California, and Illinois led the nation in terms of numeric decline. Analysts have pointed to the speed at which state governments <a href="https://www.dailywire.com/news/new-study-reveals-florida-and-gop-led-states-dominate-covid-19-best-responses-democrat-led-states-rank-among-worst" target="_blank" rel="noopener">rescinded lockdown orders</a> over the past two years as a factor behind varying degrees of resilience in local economies.
Rising housing prices derive from persistent supply chain issues and labor shortages, both of which have contributed to inflationary pressures. In the second quarter of 2022, the median sale price of a home was $440,300, according to <a href="https://fred.stlouisfed.org/series/MSPUS" target="_blank" rel="noopener">data</a> from the Department of Housing and Urban Development, marking a 36% rise from $322,600 in the second quarter of 2020.
The National Association of Home Builders recently <a href="https://www.dailywire.com/news/housing-affordability-plummets-trade-group-calls-out-biden-for-ignoring-the-problem" target="_blank" rel="noopener">admonished</a> President Joe Biden for <a href="https://www.dailywire.com/news/shows-some-progress-biden-responds-to-another-dismal-inflation-report" target="_blank" rel="noopener">claiming</a> that his administration has made “some progress” in the battle against rising price levels. “If President Biden is truly serious about fighting inflation, he needs to address the nation’s growing housing affordability crisis,” National Association of Home Builders Chairman Jerry Konter said earlier this month.

‘For Sale’ sign in front of house (focus on sign)

Home Prices Are Dropping At Fastest Pace Ever Recorded By Key Index

Home Prices Falling At Fastest Rate In Decades, Index Says

<a href="https://www.dailywire.com/topic/texas" target="_blank" rel="noopener">Texas</a>’ capital city will soon have a new $65 million affordable housing community spanning over 30 acres, established through taxpayer and corporate funding.
Business Investment Growth Austin (BiGAUSTIN), a nonprofit <a href="https://www.bigaustin.org/aspire" target="_blank" rel="noopener">backed</a> by local, state, and federal funds broke ground on Thursday for its affordable housing community, called ASPIRE. In a press release, BiGAUSTIN CEO Stacy Rhone said that the development aligns with the community and social impact goals of their organization and their partner organizations.
“As we expand our offerings in northeast Austin and throughout Travis County, our team will continue to pursue meaningful opportunities to support entrepreneurs and job seekers in those areas with the fewest resources and housing options,” stated Rhone.
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BiGAUSTIN described the affordable housing community as “racial economic justice!” in the description of an accompanying YouTube video. The initial layout of the project plan online notes that the community will be diversified, multi-use, and mixed-income development for low-income and minority individuals.
<iframe loading="lazy" title="YouTube video player" src="https://www.youtube.com/embed/wdJmvtPsIR8" width="720" height="385" frameborder="0" allowfullscreen="allowfullscreen">﻿</iframe>
Over the years, Rhone has continuously <a href="https://www.linkedin.com/posts/stacyrhone_hiring-a-chief-diversity-officer-wont-fix-activity-6628650315900088320-cWzl?utm_source=share&amp;utm_medium=member_desktop" target="_blank" rel="noopener">argued</a> for the existence of “white privilege” and the implementation of equity-based initiatives. Prior to joining BiGAUSTIN in 2009, Rhone was the vice president of diversity and recruitment for the National Women’s Political Caucus, an organization that recruits and assists progressive, pro-abortion female political candidates.
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As part of the affordable housing community plan, BiGAUSTIN will get a new, 20,000 square-foot headquarters within the community. In all, ASPIRE will have 400 housing units. BiGAUSTIN partnered with Bank of America in August to develop the community.
BiGAUSTIN’s list of 37 partners boasts some of the biggest names in banking and finance, Big Tech, law firms, and big box stores. These include Capital One, Cadence Bank (formerly BancorpSouth), Comerica Bank, PayPal, Regions Financial, Woodforest National Bank, Google, HP, eBay, Yahoo!, DLA Piper, Baker Botts, Walmart, and HEB.
Government partners include the city of Austin’s Economic Development Department, the Treasury Department’s Community Development Financial Institution (CDFI) Fund, and the State Department.
Of note, BiGAUSTIN has two partners based out of Uzbekistan: the Uzbekistan Business Leaders and the U.S. Embassy in Tashkent, Uzbekistan. No Uzbek cities are <a href="https://www.austintexas.gov/department/sister-and-friendship-cities-program" target="_blank" rel="noopener">named</a> among Austin’s 14 sister cities and three friendship cities.
BiGAUSTIN launched in 1992 through Austin city government funding, later becoming an independent nonprofit in 1995. According to its website, BiGAUSTIN <a href="https://www.bigaustin.org/history" target="_blank" rel="noopener">receives</a> funding currently from the state of Texas, Travis County (whose county seat is Austin), private equity firms, local and national banks, and the federal government.
The nonprofit’s 2019 to 2021 tax filings (filed under “Business Invest in Growth”) aren’t available through the IRS, though ProPublica, a nonprofit news and research organization, has a <a href="https://projects.propublica.org/nonprofits/organizations/742764780" target="_blank" rel="noopener">summary</a> of their 2020 filing, but not their 2019 or 2021 filings. According to ProPublica, the IRS hasn’t released the source documents for BiGAUSTIN’s 2020 filing.
According to BiGAUSTIN, it assists an average of 2,800 small and minority-owned businesses a year and estimates that its efforts contribute over $35 million to the local economy.

Construction

Austin To Establish $65 Million Affordable Housing Community

Austin

Money

Taxes

Texas

<a href="http://dailywire.com/topic/housing" target="_blank" rel="noopener">Home</a> buyers in Appalachia and the Deep South are currently seeing the best deals, according to a study from luxury real estate agency RubyHome.
In the second quarter of 2022, the median sale price of a home in the United States was $440,300, according to <a href="https://fred.stlouisfed.org/series/MSPUS" target="_blank" rel="noopener">data</a> from the Department of Housing and Urban Development, marking a 36% rise from $322,600 in the second quarter of 2020. The analysis by RubyHome, however, found that the average home price in West Virginia is a mere $75 per square foot.
“This data offers a fascinating insight into the disparities in house prices and affordability,” a spokesman for RubyHome said in a statement provided to The Daily Wire. “West Virginia stands out at the top despite having one of the lowest average household incomes in America.”
Indeed, although typical household income in West Virginia is a relatively low $65,332, the average house price of $129,103 implies that residents are witnessing an income to cost ratio of 50.6%. Residents of Mississippi and Arkansas, where families earn $65,136 and $69,357, respectively, are seeing house prices of $157,828 and $169,867, respectively, implying income to cost ratios of 41.3% and 40.8%.
The study comes as the American housing market witnesses turmoil due to a variety of economic factors, including supply chain bottlenecks and labor shortages. The other states in the top ten — Oklahoma, Kentucky, Alabama, Kansas, Louisiana, Iowa, and Indiana — are predominantly located in the Midwest and South.
Meanwhile, the 30-year fixed mortgage rate has remained below 3% for much of the past two years, according to <a href="https://fred.stlouisfed.org/series/MORTGAGE30US" target="_blank" rel="noopener">data</a> from government-backed mortgage company Freddie Mac. Since the beginning of the year, however, the rate has surged from just over 3% to reach 6.9%, including a jump of nearly 1% in less than one month.
“Homebuilder confidence has dropped to half what it was just six months ago and construction, particularly single-family residential construction, continues to slow down,” Freddie Mac Chief Economist Sam Khater said in a <a href="https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-slow-their-upward-trajectory?_ga=2.175595746.1746873982.1666299928-1989272781.1664299903" target="_blank" rel="noopener">statement</a>.
Noting the rapid erosion of housing affordability, the National Association of Home Builders recently <a href="https://www.dailywire.com/news/housing-affordability-plummets-trade-group-calls-out-biden-for-ignoring-the-problem" target="_blank" rel="noopener">admonished</a> President Joe Biden for <a href="https://www.dailywire.com/news/shows-some-progress-biden-responds-to-another-dismal-inflation-report" target="_blank" rel="noopener">claiming</a> that his administration has made “some progress in the fight against higher prices,” for which rising shelter expenses are largely responsible. “If President Biden is truly serious about fighting inflation, he needs to address the nation’s growing housing affordability crisis,” National Association of Home Builders Chairman Jerry Konter said last week.
Interest rates across the economy have increased as the Federal Reserve introduces a contractionary monetary policy regime. The central bank <a href="https://www.dailywire.com/news/heres-what-the-federal-reserves-recent-rate-hike-means-for-the-economy" target="_blank" rel="noopener">raised</a> the target federal funds rate by 0.75%, a move which followed two identical hikes in June and July, in an attempt to relieve persistent inflationary pressures.
The economy is a primary issue on the minds of voters weeks before the midterm elections, with 84% considering the topic to be primary, according to a <a href="https://www.dailywire.com/news/new-midterm-poll-spells-bad-news-for-democrats-on-the-economy" target="_blank" rel="noopener">poll</a> from ABC News and The Washington Post, which also revealed that 74% of Americans believe the economy is in bad shape. The Republican Party leads the Democratic Party by a 16% margin and a 19% margin with respect to trust in respectively handling the economy and inflation.

Kids play in field

Here Are The States With The Most Affordable Housing Markets

Appalachia And Deep South Have Most Affordable Housing Markets

Arkansas

Mississippi

West Virginia

Sentiment among <a href="http://dailywire.com/topic/housing">homebuilders</a> plummeted for the tenth consecutive month as traffic for prospective buyers neared the lowest level in a decade, according to a <a href="https://www.nahb.org/news-and-economics/press-releases/2022/10/builder-confidence-down-ten-straight-months-as-housing-market-continues-to-weaken">report</a> from the National Association of Home Builders released on Tuesday.
The organization’s Housing Market Index dropped to 38 in October, meaning that the score has halved over the past six months. Current sales conditions fell to 45, sales expectations fell to 35, and prospective buyer traffic fell to 25, with market conditions in the western portion of the United States appearing most depressed.
“High mortgage rates approaching 7% have significantly weakened demand, particularly for first-time and first-generation prospective home buyers,” National Association of Home Builders Chairman Jerry Konter, a home builder and developer from Savannah, Georgia, said in a <a href="https://www.nahb.org/news-and-economics/press-releases/2022/10/builder-confidence-down-ten-straight-months-as-housing-market-continues-to-weaken">press release</a>. “This situation is unhealthy and unsustainable. Policymakers must address this worsening housing affordability crisis.”
The 30-year fixed mortgage rate remained below 3% for much of the past two years, according to <a href="https://fred.stlouisfed.org/series/MORTGAGE30US">data</a> from government-backed mortgage company Freddie Mac. Since the beginning of the year, however, the rate has surged from just over 3% and reached 6.9% as of last week, marking a jump of nearly 1% in less than one month.
Interest rates across the economy have increased as the Federal Reserve introduces a contractionary monetary policy regime. The central bank <a href="https://www.dailywire.com/news/heres-what-the-federal-reserves-recent-rate-hike-means-for-the-economy">raised</a> the target federal funds rate by 0.75%, a move which followed two identical hikes in June and July, in an attempt to relieve elevated inflationary pressures.
Analysts are worried that the high mortgage rates will further erode housing affordability. “While some analysts have suggested that the housing market is now more ‘balanced,’ the truth is that the homeownership rate will decline in the quarters ahead as higher interest rates and ongoing elevated construction costs continue to price out a large number of prospective buyers,” National Association of Home Builders Chief Economist Robert Dietz remarked.
Shelter costs increased 6.9% between September 2021 and September 2022, according to recent <a href="https://www.bls.gov/news.release/cpi.t07.htm">data</a> from the Bureau of Labor Statistics. While responding to the dismal inflation news last week, President Joe Biden <a href="https://www.dailywire.com/news/shows-some-progress-biden-responds-to-another-dismal-inflation-report">insisted</a> that the report “shows some progress in the fight against higher prices.”
Konter <a href="https://www.nahb.org/news-and-economics/press-releases/2022/10/statement-from-nahb-chairman-jerry-konter-on-resident-bidens-remarks-on-inflation">called</a> the claim “truly disingenuous” and noted that housing expenses account for nearly one-third of the total rise in price levels. “If President Biden is truly serious about fighting inflation, he needs to address the nation’s growing housing affordability crisis,” he said last week. “Acknowledging and getting serious about tackling the nation’s housing affordability crisis will go a long way to reining in stubbornly high inflation and reduce the economic pain of millions of American families,” even though “prices are still too high.”
Among other actions, Konter suggested that the White House could end regulations that “artificially increase the cost of building apartments and new homes,” encourage vocational job training programs, and suspend tariffs on Canadian lumber imports that “act as a tax.”
In the second quarter of 2022, the median sale price of a home in the United States was $440,300, according to <a href="https://fred.stlouisfed.org/series/MSPUS">data</a> from the Department of Housing and Urban Development, marking a 36% rise from $322,600 in the second quarter of 2020.

President Biden Delivers Remarks On The Economy

Housing Affordability Plummets, Trade Group Calls Out Biden For Ignoring The Problem

Housing Market Conditions Worsen, Group Calls On Biden To Stop Ignoring The Problem

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