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The US housing market is experiencing a significant downturn as mortgage rates reach their highest levels in 23 years. Economists predict that existing-home sales for September will drop 3.5% to the lowest level since October 2010. Singapore is also facing a similar trend, with private home sales falling for the second consecutive month to their lowest levels this year. The affordability of mortgages in the US has hit an all-time low, causing buyers to struggle with near 8% interest rates. This decline in home sales hasn't been seen since the 2008 Housing Crisis, and it is anticipated that sales of existing homes in the US will reach their lowest annual total since 2008. The real estate market in San Francisco is also facing challenges, as median home sale prices continue to fall. The credit card default rate in the US has been surging, reaching its highest level since 1992. The Consumer Financial Protection Bureau reports that mortgage payments have become significantly less affordable for homebuyers. Higher borrowing costs are evident across various sectors, including mortgage rates, new car loan rates, and credit card rates.
Higher borrowing costs, everywhere you look... -30-Year Mortgage Rate of 7.57%, highest level since 2000. -48-month new car loan rate of 8.30%, highest since 2001. -Average credit card rate of 21.2%, highest ever. Video: https://t.co/uVjoI0Vm0G https://t.co/rdUQIHz74H https://t.co/YaCtp2t5Mb
Mortgage payments have become significantly less affordable for homebuyers, according to the Consumer Financial Protection Bureau. https://t.co/3GllybcgZK
Mortgage Rates Jump Back Near Long-Term Highs https://t.co/dbIjrGmJIJ https://t.co/PvIwnZANou
Mortgage originations will surge 19% in 2024 as a recession will force rates down, MBA says https://t.co/EQLjhDhMLk
Sales of existing homes in the US are on pace for their lowest annual total since 2008. https://t.co/6J4ZU73grd
Sales of existing homes in the US are on pace for the lowest annual total since 2008. https://t.co/laOk16QGrL
The housing market continues to be a point of contention for people grappling with hiked interest rates, inflated rents and low housing supply -- upending the playbook for marketers and advertisers in the space. https://t.co/kmH81xJSr7
Home Sales on Track for Slowest Year Since Housing Bust https://t.co/i29jP5dlG3 https://t.co/z5EN3gfzKN
Mortgage affordability in the US is at an all time low, per Bloomberg.
Credit card default rate has been surging aggressively From the lowest levels since 1992 With credit card debt and interest rate on credit cards at record highs This indicator is likely to continue rising https://t.co/8QLw3G7StZ
Existing home sales plunge as rates rise. Buyers cannot afford near 8% mortgages, and would-be sellers feel "trapped" in current homes with low-rate loans, many around 3%-ish. This dearth of home sales hasn't been seen in the US since the 2008 Housing Crisis. Bidenomics... https://t.co/Qq5TBHcBXX
San Francisco median home sale prices fell again in September, and the real estate market remains unpredictable. https://t.co/LWLg73aYr5
Mortgage affordability in the US is at an all time low, per Bloomberg. https://t.co/MqOxW6BCM8
🇺🇸 The highest mortgage rates in 23 years are dragging down home sales to their lowest levels since the subprime crisis period. ~ WSJ https://t.co/EXH4CZaEC8
Home Sales on Track for Slowest Year Since Housing Bust - WSJ https://t.co/3wcm3GSVjG
The highest mortgage rates in 23 years are dragging down home sales to their lowest levels since the subprime crisis https://t.co/DfW8ZwCLXm
Singapore private home sales fall for the second straight month to their lowest level this year https://t.co/g013qpfGbC
Economists expect existing-home sales for September to drop 3.5% to the lowest level since October 2010, according to FactSet. https://t.co/LGluM84YFw
Singapore private home sales fell for the second straight month to their lowest level this year amid a lack of major new projects in the market https://t.co/748SxcO3Hy
It’s getting even harder to afford a house. Monthly mortgage payments on typical US homes are more expensive than rent https://t.co/UuJ1b06cPZ https://t.co/euMxaET2yJ