VIDEO: Weakest U.S. Housing Report in 13 Years: Existing Home Sales - WSJ
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The Wall Street Journal reports on the impact of mortgage rates on U.S. real estate and existing home sales.
"October's existing home sales report details the ... U.S. housing market and how Americans reacted to mortgage rates that have declined, but still remain much higher than they have been in more than a decade."
In a related article, the Wall Street Journal observes:
"Home sales fell in October to a fresh 13-year low as high interest rates and home prices continued .... Home-buying affordability sits near its lowest level in decades, pushing many buyers out of the market. Existing-home sales for the full year in 2023 are [projected] to be the lowest since at least 2011 .... Existing-home sales ... mak[ing] up most of the housing market, decreased 4.1% in October from the prior month to a seasonally adjusted annual rate of 3.79 million, the lowest rate since August 2010 .... October sales fell 14.6% from a year earlier. Sales have been near 2010 levels in recent months. ..."
Click here for: "Home Sales Fell to a New 13-Year Low in October; High prices and interest rates combine to cause purchases to plunge - Wall Street Journal 11.12.23
Key Words: Real Estate, Existing Home Sales, Mortgage Rates, Economy
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