[1]The following chart from Credit Suisse fully explains why the US housing "recovery" has just ground to a halt: in a few short weeks, US housing affordability (a topic we first covered a month ago [4]) has collapsed as a result of the monthly payment on the median home sold soaring by nearly 40% from under $800 to just shy of $1100, a level not seen since 2008. Now if only US personal incomes would keep pace, instead of doing this [5]...
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Links:
[1] http://www.zerohedge.com/users/tyler-durden
[2] http://www.zerohedge.com/taxonomy_vtn/term/178
[3] http://www.zerohedge.com/taxonomy_vtn/term/11361
[4] http://www.zerohedge.com/news/2013-06-20/what-recent-surge-rates-means-your-home-purchasing-power
[5] http://www.zerohedge.com/news/2013-07-27/recovery-obama-talking-about
[6] http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/07/Median%20Monthly%20Payment.jpg