We've spoken about the US housing market before in these pages. I've pointed out that all the flowery forecasts in the mainstream media are, in fact, false. They're not just incorrect, they're often outright lies, 'spun' by those desperate to make us believe that things are fine when in reality, they're anything but.
Zero Hedge has just confirmed that. (Click the embedded charts for a larger view.)
... the American Dream briefly became a full-blown nightmare when in Q3 mortgage rates exploded, pummeling the affordability of housing, and ground any new mortgage-funded transactions to a complete halt (don't believe us - just ask the tens of thousands of mortgage brokers let go by the TBTF banks in the past 6 months). Which is why it was not at all surprising to find that the just updated Q3 homeownership rate has remained stuck at 65.1%: the lowest since 1995.
... Finally, why are any of these upward trends in significant jeopardy? Because while the 0.01% are getting wealthier by the day, everyone else... isn't. As can be seen on the chart below.
There's more at the link, including some more graphs that are very important and worthy of your attention. Recommended reading.