Mortgage Applications to Buy a House just COLLAPSED by 41% YoY. Down to the lowest level in 28 Years. Even worse than the Mortgage Crash that occurred in 2008.
Go to www.reventure.app to access the data in this video.
Suggesting that the Spring 2023 Housing Market will likely be a ghost town. With empty open houses. And desperate sellers. Who will likely be forced to cut the prices on their houses.
States such as Utah, Arizona, Idaho, Washington, and Tennessee could have the biggest Housing Crash in 2023. That's because these are the Housing Markets where inventory has already increased the most. Meaning that a worsening of the Mortgage Crash could add even more inventory and cause sellers to reduce the price by even more.
One reason why fewer homebuyers are taking out mortgages is because interest rates are rising again. The 30-Year Fixed Mortgage Rate has now gone back up to 6.6%, and it could raise even further to 7% in coming weeks. Higher mortgage rates due to Federal Reserve interest rate hikes mean that American homebuyers are further priced out of the market.
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