Will The Housing Market Collapse Next?

 The U.S. housing market continues to stumble

• Rising interest rates reduce demand for mortgages and make homes more difficult to sell.
• The 30-year "fixed-rate mortgage averaged 6.94% as of Thursday (October 20, 2022), up from 6.92% a week ago"
• Applications to refinance mortgages are dropping as well
• Homebuilder sentiment is at the lowest level since 2012
• Residential starts are also down, and foreclosures are back to pre-pandemic levels

The median home price reached a record high of $413,800 in June before falling to $389,500 in August

• Some of that decline may be seasonal as the market slows down in the fall months.
• The fall in housing starts and the unwillingness of homeowners to sell homes with low mortgage rates will create a lack of inventory.

https://thenationalpulse.com/2022/10/21/nelles-will-the-housing-market-collapse-next/