A little over a month ago, when mortgage rates were still "only" 5% we shared several devastating anecdotes from real estate agents and industry execs who validated our worst fears: US housing was imploding... fast, with subsequent observations only confirming this dire conclusion about the state of the most popular asset class among the US middle class.
Fast forward to this week when things have gone from worse to catastrophic, because with 30Y mortgage rates soaring at the fastest pace on record to above 6%, or levels last seen just before the housing bubble burst...
Which brings us to the latest housing market summaries from real-estate brokerage RedFin, which are not pretty.
The first shows that after the period of unprecedented gains for home prices and a uniformlly sellers market, has flipped, and according to Redfin, the highest share of sellers on record dropped their list price during the four weeks ending June 12 as mortgage rates shot up to levels not seen since 2008, collapsing the pool of potential home shoppers.
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