Housing speculators are getting their heads handed to them as the Fed’s Everything Bubble starts to implode

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Affordability Crisis Worsens: Rising Home Contract Cancellations Hits 10-Month High

Housing affordability is in crisis according to a Redfin report, with record deal collapses in August due to skyrocketing mortgage rates and home prices. About 15.7% of home contracts were terminated, the most since mortgage rates surpassed 7% in 2022. High costs are causing homebuyers to abandon deals, with the average 30-year-fixed mortgage rate at 7.27% and monthly payments 20% higher than last year. With housing affordability at historic lows, experts predict prolonged high mortgage rates and reduced housing supply, trapping homeowners.

h/t Simian_Stacker

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