T. Michael Andrews

Stay informed with T. Michael Andrews’s coverage and analysis for Fortune.

  • In this aerial view, completed and under construction new homes at a site in Trappe, Maryland, on October 28, 2022. – New home sales in the US dipped in September, official data showed on October 26, 2022, as worsening affordability nudges ownership further out of reach for many. Sales soared during the coronavirus pandemic as Americans snapped up homes on the back of bargain mortgage rates, but the sector has cooled with the US Federal Reserve hiking lending rates as it fights to bring down surging inflation. (Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)Commentary

    High mortgage rates are here to stay. Here’s why that’s bad news for county governments–and their taxpayers

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