Fact: U.S. homes are more affordable now than they have been in the 42 years since record-keeping began, according to a key metric produced by the National Association of Realtors (NAR).
Meanwhile, the cost of renting has soared to the point that CNBC.com was driven to ask whether the U.S. is in a “rental bubble.”
Are we nearing a tipping point in which renters finally decide that now is the time to buy a home?
I’d like to think so, but history tells me that most prospective homebuyers don’t end up pulling the trigger until after they see home prices and interest rates going up; in other words, after they’ve already missed the market bottom in both. (more…)