• Home sellers are slashing their asking prices at a record clip as surging mortgage rates drive a downturn in the US housing market, according to a recent report from real estate firm Redfin.
• About 7.9% of home listings reported price drops during the four-week period ending Oct. 9, according to a rolling average compiled by Redfin.
• That figure marked a record high and a significant uptick compared to the same period last year, when just 4% of listings reported price cuts.

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