U.S. Housing
Is Anyone Home?
As the recent surge in mortgage rates, plunging housing starts, a record number of new listings with price cuts, and cratering homebuilder and homebuyer confidence has effectively pushed the housing market into a recession. This demise was so widespread that roughly 63,000 home-purchase agreements were called off in July, which equates to 16% of the homes that went under contract that month. According to Redfin, this is the highest percentage ever recorded except during the COVID-crash when the entire country was under lockdown.