People Keep Googling “When Will the Housing Market Crash”

  • Google reported last week that the search “When is the housing market going to crash?” had spiked 2,450% in the past month.
  • At the start of this month, 42% of homes were selling for more than their list price, according to real estate brokerage Redfin. This was 16 percentage points higher than the same period a year earlier.
  • “I have to admit I’m worried when I hear that. It does make me concerned,” said Frank Nothaft, CoreLogic’s chief economist.
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People wait to visit a house for sale in Garden City, Nassau County, New York, on Sept. 6, 2020.Xinhua News Agency | Getty ImagesIt was a mixed week for rates, which started high and then fell slightly, but the damage was done early.Total mortgage application volume decreased 3.7% for the week, according to the Mortgage Bankers Association’s seasonally adjusted index.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.27% from 3.36%, with points decreasing to 0.33 from 0.43 (including the origination fee) for loans with a 20% down payment.“Purchase and refinance applications declined, with most of the …

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