Washington DC Homeowners Are Drowning In The Country’s Highest Level Of Mortgage Debt
Washington DC homeowners are drowning in the country’s highest level of mortgage debt. The average Washington DC homeowner has an average of more than $400,000 in loans per borrower.
Residents in Hawaii, California, Washington state and Colorado are also struggling with hundreds of thousands in mortgage debt.
The National Association of Realtors reported June home sales were at a seasonally adjusted annualized rate of 5.27 million units.
Sales have shriveled 2.2% over the past 12 months despite a robust job market and falling mortgage rates.
However, home prices have been climbing faster than incomes for the past seven years.