Investors Flee Housing Market
View Source | November 22, 2022 7:08 pm
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- Investors bought 30% fewer homes in the third quarter of 2022 compared to the same time period last year, as high borrowing costs pressured investors out of the housing market, according to real estate brokerage Redfin Tuesday.
- Besides a brief plunge in the second quarter of 2020 in response to the beginning of the coronavirus pandemic, the decline was the steepest since 2008, and surpassed the 27.4% overall decline in home purchases nationwide, Redfin reported.
- The average 30-year fixed mortgage rate was 6.61% for the week ending Nov. 17, 2022, more than double the 3.10% rate set for the week ending Nov. 18, 2021, according to Freddie Mac. Until the Federal Reserve eases its aggressive campaign of interest rate hikes designed to combat inflation, rates are unlikely to return to their pandemic-era levels.
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