America's Housing Crisis

Bets by Scion, which managed $155 million in assets as of March, have long been dissected for hints of looming bubbles and signs of market froth

Average long-term US mortgage rates climbed over 6 per cent this week for the first time since the housing crash of 2008, threatening to sideline even more home buyers from a rapidly cooling housing market. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 6.02 per cent from 5.89 per cent last week. The long-term average rate has more than doubled since a year ago and is the highest it's been since November of 2008, just after the housing market collapse triggered the Great Recession. One year ago, the rate stood at 2.86 per cent. Rising interest rates in part a result of the Federal Reserve's aggressive push to tamp down inflation have cooled off a housing market that has been hot for years. Many potential home buyers are getting pushed out of the market as the higher rates have added hundreds of dollars to monthly mortgage payments. Sales of existing homes in the US have fallen for six straight months, according to the National Association of Realtors.

The company said it is on track to creating approximately 750 affordable homes by 2022

Heavily subsidised govt-owned housing peaked in the early 1990s at about 1.4 million apartments