US housing market is in freefall mode
Mortgage purchase apps down 60% from pandemic highs
Demand at 1995 levels — worse than 2008-2012 crash
7%+ mortgage rates killing affordability
Record 14% cancellation rate in Sept
This isn't a correction. This is a full buyer strike. Rates staying elevated = more pain ahead. Watch for forced selling waves if job market cracks.
Macro implications: Less consumer spending, construction slowdown, potential deflationary pressure on housing. Fed might hold rates longer than bulls expect.
Mortgage purchase apps down 60% from pandemic highs
Demand at 1995 levels — worse than 2008-2012 crash
7%+ mortgage rates killing affordability
Record 14% cancellation rate in Sept
This isn't a correction. This is a full buyer strike. Rates staying elevated = more pain ahead. Watch for forced selling waves if job market cracks.
Macro implications: Less consumer spending, construction slowdown, potential deflationary pressure on housing. Fed might hold rates longer than bulls expect.