🚨🏠 THE HOUSING MARKET IS FREEZING UP!
The latest housing numbers are absolutely brutal, and they raise serious questions about where the housing market is headed.
📉 Pending home sales plunged 7.3% in September!
📉 Sales contracts are down 11.3% from a year ago.
🏗️ Single-family housing starts dropped nearly 5%, to an annualized pace of just 859,000 homes.
🚧 Building permits fell 4%.
😨 Homebuilder confidence collapsed to just 29, far below the neutral level of 50!
And there's a major reason behind this collapse.
💰 Mortgage rates surged from approximately 6.8% to 7.6% during September, crushing affordability and pushing more buyers to the sidelines.
But here's the surprising part…
📈 BONDS ARE IMPROVING!
Weak economic data can increase demand for bonds and put downward pressure on yields, potentially helping mortgage rates.
Unfortunately, inflation remains a serious obstacle.
And there's another problem developing beneath the surface. When builders cut construction, they're reducing the supply of homes that will be available in the future.
That could eventually support home prices even as home sales decline.
🎯 If you're buying a home, considering refinancing, or trying to understand what's happening with mortgage rates, this is information you need.
I'm an Independent Mortgage Broker with 35 years of experience helping people navigate changing housing markets.
📩 DM me to discuss your mortgage options in California.
Have questions about buying, refinancing, or tracking your mortgage rate in California?
Call or text 925-885-1919, request a video or phone appointment, enroll in free RateAnalyzer rate monitoring, or start our Quick Application.
Russell McDonald | NMLS 290837 | Broker CA DRE 01150730
Wymac Capital Inc | NMLS 18766 | Broker CA DRE 01121628
Real Estate Broker – CA Dept of Real Estate #HousingMarket #MortgageRates #HomeBuying #RealEstate #MortgageBroker