Housing markets becoming increasingly unaffordable

Yahoo Finance Live’s Brian Sozzi breaks down the stat of the day.

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- Mortgage rates, at their highest level since 2009, as the Fed prepares to jack up rates further. Housing affordability is becoming a real problem. 95% of the 100 biggest US housing markets are now less affordable than their long term levels, according to new data from Black Knight. At the start of the COVID-19 pandemic, that number stood at 6%. Further, 37 markets are less affordable than they have ever been, says Black Knight.