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America’s 40-year housing market ‘tailwind’ could be coming to an end — with rising mortgage rates and worsening affordability

·3 min read
America’s 40-year housing market ‘tailwind’ could be coming to an end — with rising mortgage rates and worsening affordability

As home prices continue to grow — albeit at a slower pace — Americans are set to see their purchasing power shrink. The latest edition of the monthly Real House Price Index from title insurance company First American Financial Corp. (FAF) showed that housing affordability declined 16.6% over the past year as of August. The report takes into account changes in household income, mortgage rates and nominal home prices when calculating affordability.