Well explained, as usual.
In this video, we discuss why most of the market was unable to predict the current 2023 housing crash and how this housing meltdown could continue to unfold into the rest of 2023. Here is a direct video link.
In January, the combination of a 15% price cut and lower mortgage rates caused an increase in affordability. In February and early March, mortgage rates surged back towards 7%.
Buyers immediately felt the sudden decline in affordability and pulled back, even with new homes marked down 15%.
Applications for new mortgages fell to the lowest level since 1995.
See charts at The real reason home prices have been falling.
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