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Surging Mortgage Rates Kill 60K Deals, #Bidenflation Destroying Housing

  • Red-hot mortgage rates are giving home buyers and sellers cold feet. About 17% of homes that went under contract with real estate brokerage Redfin last month were called off.
  • The technology-powered real estate firm reported that approximately 60,000 deals fell through in September, marking the “highest share on record aside from March 2020,” the same month the World Health Organization declared the coronavirus pandemic.
  • Redfin Economics Research Lead Chen Zhao said the housing market is at “another standstill” although it’s completely different from the early days of the pandemic.
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