I hate the use of the term "housing" when what we mean is "land". Building materials haven't gotten obscenely more expensive. Building labor hasn't gotten obscenely more expensive. Land has gotten obscenely more expensive.
We are also reaching a point where consumers drive the price of residential land less and less. How much difference does the mortgage rate make when the market is increasingly driven by commercial buyers, who don't use mortgages?
We are also reaching a point where consumers drive the price of residential land less and less. How much difference does the mortgage rate make when the market is increasingly driven by commercial buyers, who don't use mortgages?