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Thirty-year Fixed Mortgage rates remain at 6.0%. Rising treasury yields, however, would increase upward pressure on mortgage rates, suggesting the decline in housing prices is far from over.

I normally measure housing affordability by the ratio of the S&P Case-Shiller Composite Housing Index to Disposable Income per capita (before adjustment for inflation). There is a sharp fall to nearly 0.45%, the high from the late 1980s, but the index remains well above the 0.40% level normally needed to motivate home-buyers.

Bear in mind that the above does not even allow for the bite that higher fuel/gas prices have taken out of disposable incomes — nor the depressing effect they will have on house prices in outlying suburbs with longer commutes.
Disclosure: None
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Integrated Asset Services (IAS), a leader in default management and residential collateral valuation, just launched its monthly-reported IAS360 House Price Index www.iasreo.com/ias360....
The new Index represents the industry’s first clear representation of U.S. housing market trends at a county level. IAS360 House Price Index is a comprehensive housing index tracking monthly change in the median sales price of detached single-family residences in more than 15,000 “neighborhoods” across the U.S. This data is then rolled up to report on the changes in 360 counties, nine census divisions, four regions, and the nation overall. The timeliness of the data, which is based on all arms-length transactions occurring in underlying neighborhoods, makes the IAS360 the leading indicator for housing price trends in the U.S. April Index: www.iasreo.com/ias3600...