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Another Housing Bubble?

The housing market has been sizzling hot for the past five years and is a major factor propping up the economy. Is that wild rise screeching to a halt? A new Gallup poll finds Americans have turned more bearish on the housing market than ever in 40 years.

“Opinions of the housing market are bleak and generally similar among all major subgroups, including by region, urbanicity, homeownership status, income, education and party identification,” says Jeff Jones, an editor at Gallup.

Meanwhile, higher mortgage interest rates and falling real incomes are creating a housing affordability squeeze:

The index attempts to quantify the ratio between the median monthly income and the median monthly mortgage payment. When the index is at 100, affordability is at an equilibrium level. When it falls below 100, affordability declines…well below a level deemed healthy.

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