Americans squeezed by rising housing costs
Homeowners and renters alike are feeling a nationwide crunch due to rising housing costs.
In addition to a recent mortgage rate surge, the latest Consumer Price Index (CPI) data showed shelter costs, which account for nearly one-third of the CPI, rose 0.4% in December and 3.3% from a year ago.
Some of the realtor’s biggest problems, she said, included windows delivery times and lumber costing three times its normal price.
While Freddie Mac also anticipates higher rates, the larger challenge is a lack of supply. Home supply fell 18% year-over-year in November, driving high demand and pushing housing prices up 15%, according to Redfin.
Comments