Housing bubble woes: House prices fall 3.5%, the biggest monthly drop since January 2016. Sales, already at foreclosure levels, fall further.  Active registrations are still growing

Housing bubble woes: House prices fall 3.5%, the biggest monthly drop since January 2016. Sales, already at foreclosure levels, fall further. Active registrations are still growing

But those sell-offs took place during the “Fed pivot” fantasy that drove mortgage rates down to 5%. Today, mortgage rates are around 6.5%. By Wolf Richter for WOLF STREET. In July and through mid-August, mortgage rates fell from the 6% range in mid-June, on the widely propagated fantasy of a Fed “pivot” on rate hikes. …

Housing bubble woes: House prices fall 3.5%, the biggest monthly drop since January 2016. Sales, already at foreclosure levels, fall further. Active registrations are still growing Read More »