Unaffordability Means Fewer Homebuyers

Mortgage applications hit a near 4-year low in July, dropping for the third month in a row.  The causes include: (1) homes are overly expensive now due to tight inventory and rising interest rates, (2) wage growth has remained stagnant while the costs of living (including rent) have continued to climb, such that saving money to buy a home has become increasingly difficult.  Something has to give…