Fed Official Raises Concerns Over America’s Housing Affordability

On today’s episode of Hot Sheet, Byron Lazine covered Realtor.com’s report on Federal Reserve Gov. Michael S. Barr’s warning that high home prices, mortgage rates, insurance costs, property taxes, and a persistent housing shortage are worsening affordability. He also broke down Logan Mohtashami’s Housing Market Tracker showing mortgage rates surging above 7.4% as purchase demand weakened, and U.S. Census Bureau data showing August new-home sales rose 6.4% month over month to a 684,000 annual pace while remaining 2.0% below last year.