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The Economy Is Going Great, Except for the Housing Market
Amid a recent spate of data showing the economy humming along smoothly, one sector has consistently stayed out of whack and it’s a big one.
On Thursday, a report from the Bureau of Economic Analysis showed rising housing costs have helped core inflation run higher than the Federal Reserve’s target 2% annual rate. A mortgage payment on the typical newly bought home would take up 42% of a household's median income in August, up from 29% in January 2020, according to a housing affordability monitor created by the Federal Reserve Bank of Atlanta. Housing problems are wreaking havoc on the overall economy, hurting family budgets and preventing people from moving to take advantage of job opportunities, among other ripple effects.
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