rates back in december 2021, around 4 million households have remortgage. but there is a long way to go. another 3 million will have to go. another 3 million will have to remortgage at those higher rates, don t forget. it works out at around 350,000 every three months over this year. a lot of people, as you can see, facing a big jump in their monthly mortgage repayments. but it should be said that relative to the last really big housing crisis we had in the early 90s, the market is quite different now. around 40% of people had a mortgage now, now it is down to 30%. the pain will be more concentrated. another difference relative to the early 90s as the labour market is strong at the moment, it was weak then. some analysts think and hope that will mean that fewer forced sales will be on the agenda, maybe not as extreme drops in house prices and less negative equity. but let s be clear, even given all that, what we have been talking about if interest rates do go that high, it is really go
MS Gaming Commission held monthly meeting Thursday June 1, 2023 at Jackson office, considering matters of approvals, licensing, and findings of suitability. Jay McDaniel, Franc Lee, and Kent Nicaud attended.
this in context, the pandemic, when there was a huge surge and buying interest in property. house prices went up nearly 20%. this is some loss in value. i think there s very little risk of anyone going into negative equity. you re absolutely right. higher mortgage rates eats buying power, that means people can t afford to spend as much, and thatis can t afford to spend as much, and that is when prices need to adjust closer to what buyers are prepared to pay. closer to what buyers are prepared to -a . . , , ., to pay. that will be the question about how to pay. that will be the question about how long to pay. that will be the question about how long all to pay. that will be the question about how long all of to pay. that will be the question about how long all of this - about how long all of this takes. because i guess if you are already a homeowner and you are looking to move, no real problem, because maybe what you sow for is down a bit, but what you sow for is down a bit, but w
market is strong. i think it s about building more homes. that s the number one thing. we need to keep increasing the supply of homes, particularly for those on middle incomes and delivering more affordable housing. by increasing supply, we can increase the supply of rented homes as well. it really is a supply side response to increased choice and help people access their first home. access their first home. richard, and in you access their first home. richard, and in you sentence, access their first home. richard, and in you sentence, and - access their first home. richard, and in you sentence, and i - access their first home. richard, and in you sentence, and i know| access their first home. richard, i and in you sentence, and i know it s the million dollar question, but much further do they fall? i the million-dollar question, but much further do they fall? i think rices are much further do they fall? i think prices are going much further do they fall? i think prices are goin