The Real Estate News Brief: Fed’s Favorite Inflation Report, New High for U.S. Real Estate Values, Housing Gets Worse

In this Real Estate News Brief for the week ending September 30th, 2023... what the Fed’s favorite inflation gauge says about August, how U.S. real estate values are setting new records, and why the typical American can’t afford to buy a home in 99% of the nation.   We begin with economic news from this past week that ended with a last minute scramble to avoid a government shutdown. Congress passed a stopgap funding measure with just minutes to spare. That extends the current deadline for another 45 days and gives lawmakers time to hammer out their differences...   ...For many consumers, housing affordability has gotten so bad that the typical American cannot afford to buy a home in 99% of the nation. Real estate data firm ATTOM analyzed median home prices over the last year in 575 U.S. counties, and determined that homes became unaffordable when buyers had to pay more than 28% of their paycheck for the home. If you include insurance and property tax, the buyer would need to devote 35% or more to that home, and that’s not something that everyone can do.   That’s it for today. You can read more about these stories by following links in the show notes at newsforinvestors.com. You can also sign up as a RealWealth member for free, to find out how to build wealth through real estate. Membership will give you complete access to our website, the data we have compiled for various rental real estate markets, sample properties, our investment counselors, and much more.   And please remember to subscribe to this podcast, and leave a review!    Thanks for listening! Kathy Fettke   Links:   1 - https://www.marketwatch.com/story/embattled-speaker-mccarthy-tries-new-45-day-funding-tactic-to-avoid-government-shutdown-be5b0e30?mod=home-page   2 - https://www.marketwatch.com/story/inflation-speeds-up-due-to-higher-gas-prices-pce-finds-but-theres-good-news-too-4370a0a6?mod=economy-politics   3 - https://www.calculatedriskblog.com/2023/09/pce-measure-of-shelter-slows-to-74-yoy.html   4 - https://www.marketwatch.com/story/u-s-home-prices-rose-in-july-case-shiller-says-ab106b17?mod=economic-report   5 - https://www.marketwatch.com/story/u-s-new-home-sales-fall-8-7-in-august-amid-high-mortgage-rates-aaf43173?mod=economic-report   6 - https://www.marketwatch.com/story/contract-signings-for-u-s-homes-dropped-sharply-in-august-amid-high-rates-and-sparse-listings-8351c1b8?mod=economic-report   7 - https://www.freddiemac.com/pmms   8 - https://www.nbcnews.com/business/consumer/baby-boomers-cash-are-driving-housing-market-right-now-rcna92905   9 - https://www.zillow.com/research/total-market-value-2023-33031/   10 - https://www.cbsnews.com/news/homes-for-sale-affordable-housing-prices/