Peaked at #1 Off the board
US Housing Demand and Mortgage Weakness
Per NYP, Americans hoping for an 08-style housing crash to afford a home are out of luck.
Key points
- US mortgage applications have hit the lowest level since 1995, per YF.
- U.S. homebuyer demand is now weaker than during the 2008 housing crash.
- NAR's pending home sales index hit 71.2 in August, below any reading from 2008 to 2011.
- Contract signings are down roughly 45% from the 2020 peak and about 30% below pre-pandemic levels, with signings peaking in 2021 when mortgage rates were near 3%.
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From @unusual_whales, @JackitDaley, @_Eller and others. Spam removed, with English and Chinese translations.
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