- Mortgage rates soared above 7 percent this week, the highest level in 21 years and far exceeding rates recorded during the 2008 housing market crash
- Luxury home sales in the US have sunk by 28.1 percent year-over-year in August, beating out the previous record drop of 23.2 percent in June 2020
- Markets in Oakland, San Jose, Miami, San Diego and Seattle have seen the biggest hits this year as all 50 major metro areas have been impacted
- Non-luxury home sales across the nation have also dipped by 19.5 percent
- Economists said the drop in sales can be attributed to soaring federal interest rates and high inflation
www.dailymail.co.uk/news/article-11254447/Luxury-homes-fall-28-rest-market-plummets-19-5.html
The implosion of Housing Bubble 2.0 is going to be one for the books. Heckova job, “Zimbabwe Ben” Bernanke, Yellen the Felon, & BlackRock Jay.
The Case-Shiller index, which lags by several months, is starting to flip market by market, including in Phoenix, Dallas, Washington DC, and Boston.
h/t Boo_Randy
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