Normally it only takes a small percentage change in something to make it newsworthy. If the labor force participation index, for instance, went from 62% to 61%, that would merit discussion. The chart below, however, is jaw-dropping: a 50% level of home affordability down to 16% should be front page news across the country (it isn’t). I suppose this is largely caused by the increase in interest rates coupled with the merciless acquisition of residences by private equity firms. Let’s just say I’m glad I bought my “life home” in 1991.
