This morning we showed that new home prices in America have never been higher. This is great news, right? Well not if you are an average American looking to buy a new home. Based on the median real income, home prices have never been more unaffordable at a stunning 6.7x average salary. Moreover, for those unable to see the bubble (or unsustainability), it appears Bernanke learned well from his previous planner-in-chief, having manufactured a much more aggressive ramp in prices leaving the average American even further away from the American Dream.
Still think “we” can handle higher interest rates?
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/1EQ0Fnm_gFQ/story01.htm Tyler Durden