And that's just the median price across the entire US. In my region, it's almost double the max on this graph. 99% of houses here are at least 500k, with a good majority being even higher (575...600...650). At 6...6.5% interest for a new buyer, it would be at least $3800-$4500 /mo. These are just rough numbers but it paints a grim picture.
I actually think the Trump-era low interest rates hurt the current market because people locked in those low rates and now they don't want to move. Who wants to go from 3...3.5% to 6...6.5%? It's exacerbated the existing housing inventory situation, IMO.
And that's just the median price across the entire US. In my region, it's almost double the max on this graph. 99% of houses here are at least 500k, with a good majority being even higher (575...600...650). At 6...6.5% interest for a new buyer, it would be at least $3800-$4500 /mo. These are just rough numbers but it paints a grim picture.
I actually think the Trump-era low interest rates hurt the current market because people locked in those low rates and now they don't want to move. Who wants to go from 3...3.5% to 6...6.5%? It's exacerbated the existing housing inventory situation, IMO.
I think he lowers rates to purposely cause a needed collapse then he would come in and reset the economy.