Demand Destruction Begins in the Housing Market

From Market Watch - "If you think now is the right time to purchase a home, you’re in the minority.

The share of American consumers who reported it was a bad time to buy reached a new high of 79% in May, according to Fannie Mae’s monthly housing survey. Fannie Mae’s FNMA, -0.56% Home Purchase Sentiment Index, which “remained relatively flat,” also managed to slide 0.3 points to reach 68.2 last month — moving toward its pandemic low of 63 from April 2020. "

This number EXCEEDS the percentage of Americans who believed 2007 and 2008 were bad years to buy a new home.  79% - even with 30 year mortgage rates below 6% for most borrowers.  Why?  Because the PRICE IS TOO FUCKING MUCH.  All but the most dull (or desperate) among the population believe it is A-OK to buy a house right now.  

I could be wrong but my guess is that a good chunk of the 21% who believe now is a good time to buy a home are generally employed in the house building and mortgage lending business - and/or just generally retarded.