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[tw0122]

Housing Bubble Getting Ready to Pop: Mortgage Applications Plunge amid Holy-Moly Mortgage Rates, Croaking Stocks, Ridiculous Home Prices..

Pieces of evidence are lining up in increasing density. The number of potential future homebuyers that need a mortgage has been thinning out for months. This week another milestone: Applications for mortgages to purchase a home dropped 12% from the prior week and were down 15% from a year ago.

In its report, the Mortgage Bankers Association today added that “prospective homebuyers have been put off by higher rates and worsening affordability conditions” – namely the ridiculous spike in home prices over the past 18 months, on top of the surge in prior years, combined with mortgage rates returning to what would have been still very low rates a couple of decades ago.

https://wolfstreet.com/2022/05/18/this-housing-bubble-is-cooked-mortgage-applications-plunge-amid-holy-moly-mortgage-rates-croaking-stocks-and-ridiculous-home-prices/