Highlighting the weak income data, the typical SoCal mortgage payment is down over 54 percent from the peak and back to levels last seen in the early 2000s. This tells us more about what households can truly afford. The high price is being managed by a negative interest rate from the Fed trying to high the underlying fact that things are still incredibly weak. Why else would they announce that they are buying close to half a trillion in MBS next year to keep rates low?

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