From Fortune Magazine:



A recent report from a major ratings agency shows that home prices in the U.S. are overvalued by 9.4% and are expected to continue rising, contributing to a decline in affordability for homebuyers. The high mortgage rates and stagnant home supply have led to this situation. The U.S. housing market is facing a significant shortage of homes, and there is a need for between 2.1 million and 6 million additional units to address this issue. The promising news is that new home construction has been on the rise, and experts believe that boosting new home production is crucial to ease the affordability crisis. However, even with falling mortgage rates, existing inventory is expected to remain very tight. Overall, the outlook for housing affordability remains bleak, and the lack of new housing construction continues to drive up rents and home prices, making it challenging for individuals and families to find housing they can afford.



Original: Fitch Ratings: U.S. homes are almost 10% too expensive