Home Sales Plunge to Historic Lows, Prices Decline, and Supply Surges: U.S. Real Estate Faces Unprecedented Challenges

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The real estate market is grappling with a significant downturn as home sales experience a sharp collapse, dropping to levels reminiscent of the housing bust’s worst months in 2008 and 2010. In October, sales of previously owned houses, condos, and co-ops plummeted to an annual rate of 3.79 million homes. Simultaneously, home prices continue to decline, while the supply of available properties sees a notable increase. Breaking news reveals a unique twist as the share of Americans without mortgages hits an all-time high, reaching 33.3 million homes—a substantial 31% surge from a decade earlier, reflecting a complex landscape in the housing market.

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