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A May study by Redfin found that about 19 percent of sellers dropped the prices on their homes in a four week period between April and May. The outlet said that the report indicated an end to the country’s pandemic-era housing boom.
Their report found that Google searches for ‘homes for sale’ were down 13 percent from the same time last year.
It also found that requests for home tours were down 12 percent, and that mortgage applications dropped 16 percent from a year prior.
And the higher mortgage rates go, the worse things are going to get.
Unfortunately, mortgage rates are spiking at a rate that is absolutely breathtaking this month…
Mortgage rates jumped sharply this week, as fears of a potentially more aggressive rate hike from the Federal Reserve upset financial markets.
The average rate on the popular 30-year fixed mortgage rose 10 basis points to 6.28% Tuesday, according to Mortgage News Daily. That followed a 33 basis point jump Monday. The rate was 5.55% one week ago.
The last time we saw mortgage rates this high was during the last housing crash.
Unfortunately, they are only going to go higher because the Federal Reserve wants interest rates throughout our economy to rise in order to fight inflation.
But as I have warned repeatedly in recent months, a high rate environment is going to absolutely eviscerate the housing market. Already, higher rates have had a colossal impact on home affordability…
Higher home prices and rates have crushed home affordability.
For instance, on a $400,000 home, with a 20% down payment, the monthly mortgage payment went from $1,399 at the start of January to $1,976 today, a difference of $577. That does not include homeowners insurance nor property taxes.
It also does not include the fact that the home is about 20% more expensive than it was a year ago.
Vast multitudes of potential home buyers will be forced out of the market until home prices comes down dramatically.
If you are one of those people, you could try to rent a place while you wait, but apartment rents are 15 percent higher than they were a year ago…
A new report from Redfin shows that nationally listed rents for available apartments rose 15% from a year ago. And the median listed rent for an available apartment rose above $2,000 a month for the first time.
Rents are up more than 30% in Austin, Seattle, and Cincinnati. In Los Angeles the median asking rent is $3,400. Even in formerly affordable cities such as Nashville it’s now $2,140, up 32% from last year.
I am so thankful that Redfin gives us these numbers, but it turns out that Redfin is in deep trouble too.
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In fact, Redfin just announced that they will be laying off 8 percent of their workers…
Real estate firms Redfin and Compass are laying off workers, as mortgage rates rise sharply and home sales drop.
In filings with the Securities and Exchange Commission, Compass announced a 10% cut to its workforce, and Redfin announced an 8% cut.
Shares of both companies fell Tuesday. Redfin’s stock touched a new 52-week low.
So many of the exact same things that we witnessed back in 2008 are happening again.
The economy is slowing down.
Big corporations are starting to lay off workers.
Home prices are starting to collapse.
And there is a tremendous amount of pessimism about what is ahead. In fact, one new survey has found that small business owners are “feeling their gloomiest in nearly five decades”…
Small business owners in America are feeling their gloomiest in nearly five decades, a survey released Tuesday morning showed.
The National Federation of Independent Business (NFIB) said its gauge of businesses expecting better business conditions over the next six months fell to the worst reading in the 48-year history of the survey.
When things got really bad in 2008 and 2009, the Federal Reserve responded by pushing interest rates all the way to the floor, and that certainly helped.
But now the Federal Reserve doesn’t have that option.
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