U.S. Affordability Hits a 21-Year Low | https://www.michelemovesmountains.com

A central bank official said a severe housing shortage kept rents and home prices high, widening the gap between what many Americans earned and paid.
A homeownership affordability index reached a 21-yr low, and mortgage rates climbed to near 7%, making already record-high prices harder for families to manage.
Key pressures included restrictive zoning, costly regulations, weak productivity in homebuilding, years of underbuilding after the subprime crisis, and inflation in construction materials.
The official said higher rates also created a lock-in effect: many owners kept older low-rate mortgages, limiting listings and adding more pressure.
The official expected further policy tightening, yet a housing economist said buyers could still improve affordability by negotiating asking prices, not focusing only on rates.