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New home sales drop 5.5% in September to near two-year lowSales of new U.S. single-family homes fell to a near two-year low in September and data for the prior three months was revised lower, the latest indications that rising mortgage rates and higher prices were undercutting the housing market. I can't imagine why. The house prices have gotten to a point where any upward movement of mortgage rates slows the sales down. Sellers need to smarten up and realize the hard wood floors in their house does not deserve a $50k increase. Still not seeing mortgage rates as a big factor. Rates are higher now, but so are sales. Yeah, a shock that rates have risen from artificially-low the 3%-4% band, but mortgage rates are low, but historical standards.
Source: CNBC - 🏆 12. / 72 Read more »