What happened? According to the latest housing price index from CoreLogic, the US house prices continued to show significant growth in March 2022 compared to the same period last year, increasing by 20.9% year-on-year, which was a new record.
Quote. "The annual increase in the US index was the largest one we have measured in the 45-year history of the CoreLogic home price index," said Dr. Frank Notaft, chief economist at CoreLogic. "Taking into account the rapid growth of mortgage rates, the housing affordability has fallen sharply. In April, fixed rates on 30-year mortgages were almost 2% higher than a year earlier on average. The payment of principal and interest on the house purchase at an average price increased by about 50% in April compared to April last year."
Source: World Property Journal
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