According to zerohedge.com, the uptick in home prices is transitory and more due to the Federal Reserve’s support of the economy than with organic growth or stability of consumers, as the homeownership rate is stuck at an 18-year low at 65.1 percent, and rents rise to an all-time high, increasing again in Q3 2013. Noting the new normal American Dream is renting, Tyler Durden says, “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.” As MHProNews understands, supportive evidence includes the precipitous decline in disposable per capita income in the last five years.

(Image credit: Fotosearch–homeownership remains elusive for many.)