Flat wages and monthly payment increases are on a collision course.

Redfin chief economist Nela Richardson sees something to worry about in two converging forces--one of them household wage growth, which as been in limbo, and the other plans by the Federal Reserve to begin letting interest rates float up, making borrowing for mortgages more expensive for most people.

Richardson's point of focus is the latest jobs report, which carried a good-news-bad-news message. The good news was in total jobs growth, along with a slight improvement in labor force participation rates. The downside: household income growth is stagnating. She writes:

The fact that prices have mostly recovered while incomes haven’t has been masked by strong demand from investors, foreign buyers and trade-up homeowners whose buying power isn’t determined by a weekly paycheck. To sustain momentum, the next phase of the housing recovery requires first-time buyers, and they’ll need income growth to keep up with prices.

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