In Jan 2021, the 30-yr mortgage rate was 2.65% and average new home price in the US was $401,700.
Today the 30-yr mortgage rate is 5.78% and average new home price is $570,300.
Assuming a 20% down payment, that's a 106% increase in the monthly payment (from $1,294 to $2,671).
The 20% bear market definition is completely arbitrary anyway, so I'm going round up and count this as the 23rd bear market in the S&P 500 since 1928. Small Caps $IWM and the Nasdaq 100 $QQQ are both down over 30% and high growth tech stocks $ARKK down 78%. That's a bear market.
For @TIME and @econhardship, one I’ve been working on all fall: I visited Western New York, where mobile home park residents are fighting untenable rent hikes, and building upstate-downstate tenant solidarity while they’re at it https://t.co/d4H2HqO8Wd