Housing rebound in US losing steam as prices rise

Housing rebound in US losing steam as prices rise. The housing recovery in the US is running out of steam as buyers balk at record prices and higher mortgage rates that are making properties less affordable. Sales dropped a surprising 14.5% to a 384,000 annualized pace, this is lower than any forecast of economists that were surveyed by Bloomberg and the weakest since July. It's the reduction in affordability, the lack of inventory, also weak growth in median household income -- all these are contributing to the sluggish recovery in housing, said Ryan Sweet, a senior economist at Moody's Analytics. Full article from Bloomberg (VIEW LINK)