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Thoughtful Money with Adam Taggart
Historic Unaffordability Squeeze To Weigh Down Home Prices In 2025 | Lance Lambert
Dec 29, 2024
In this insightful discussion, real estate analyst Lance Lambert, former editor at Fortune and co-founder of ResiClub, addresses the shifting dynamics of the housing market as prices stagnate. He delves into the implications of soaring mortgage rates and the unique pressures facing homeowners. Notably, Lance examines the effects of labor market fluctuations on affordability and how demographic trends are reshaping demand. He also illuminates the challenges posed by dwindling undocumented labor in construction and its broader economic impact.
58:25
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Quick takeaways
- The housing market faces an affordability crisis reminiscent of the 1980s due to high prices and rising mortgage rates.
- Regional disparities in real estate trends indicate that while some markets are correcting, others may maintain stability or grow.
Deep dives
Historic Affordability Challenges
The current housing market is experiencing a significant affordability crisis, reaching levels not seen since the 1980s. This crisis is attributed to high home prices, increased mortgage rates, and rising costs related to property taxes and insurance. Compared to the previous decades, a substantial portion of buyers could previously afford to purchase homes without financing, whereas today’s high price-to-income ratio makes outright purchases unattainable for many. The result has been a dramatic decline in home sales, with 2023 forecasted to be the worst year for existing home sales since 1995.
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