{"id":1705463,"date":"2022-10-21T06:08:04","date_gmt":"2022-10-21T10:08:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1705463"},"modified":"2022-10-21T09:33:50","modified_gmt":"2022-10-21T13:33:50","slug":"60000-real-estate-deals-were-called-off-in-just-september-alone","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/60000-real-estate-deals-were-called-off-in-just-september-alone\/","title":{"rendered":"60,000 Real Estate Deals Were Called Off in Just September Alone"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2F60000-real-estate-deals-were-called-off-in-just-september-alone%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1705463&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>Check out what&#8217;s clicking on FoxBusiness.com<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Red-hot mortgage rates are giving home buyers and sellers cold feet. About 17% of <a href=\"https:\/\/www.foxbusiness.com\/real-estate\" target=\"_blank\" rel=\"noopener\">homes that went under contract<\/a> with real estate brokerage Redfin last month were called off.\u00a0<\/p>\n<p>The technology-powered real estate firm reported that approximately 60,000 deals fell through in September, marking the &#8220;highest share on record aside from March 2020,&#8221; the same month the World Health Organization declared the <a href=\"https:\/\/www.foxbusiness.com\/category\/coronavirus\" target=\"_blank\" rel=\"noopener\">coronavirus pandemic<\/a>.\u00a0<\/p>\n<p>Redfin Economics Research Lead Chen Zhao said the housing market is at &#8220;another standstill&#8221; although it&#8217;s completely different from the early days of the pandemic.\u00a0<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/real-estate\/mortgage-rates-edge-higher\" target=\"_blank\" rel=\"noopener\"><strong>MORTGAGE RATES EDGE HIGHER<\/strong><\/a><\/p>\n<p>&#8220;Demand is slumping due to surging mortgage rates, but prices are being propped up by inflation and a drop in the number of people putting their homes up for sale,&#8221; Zhao said. \u00a0<\/p>\n<p>It&#8217;s forcing many to stay put especially if they locked in &#8220;a <a href=\"https:\/\/www.foxbusiness.com\/category\/mortgage\" target=\"_blank\" rel=\"noopener\">rock-bottom mortgage rate<\/a> during the pandemic,&#8221; he added. As a result, deals are falling through and buyer completion is waning, according to Redfin.<\/p>\n<p>Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.94%. A year ago the rate was 3.09%. These rates have driven monthly housing payments for buyers up more than 50% compared to a year ago, according to Redfin.\u00a0<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/09\/931\/523\/Home-Sales-Mortgage-Rates.jpg?ve=1&#038;tl=1\" alt=\"Massachusetts home for sale in 2020\" \/><\/div>\n<div class=\"caption\">\n<p><span>A for sale sign stands in front of a house on Oct. 6, 2020, in Westwood, Mass.<\/span><span> (AP Photo\/Steven Senne \/ AP Newsroom)<\/span><\/p>\n<\/div>\n<\/div>\n<p>The number of home sales dropped 25% in September compared to a year ago, according to the residential real estate brokerage. New Listings also plunged 22%, which marked the largest drop since May 2020.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/personal-finance\/housing-market-economy-recession-2023\" target=\"_blank\" rel=\"noopener\"><strong><u>HOUSING MARKET LIKELY TO TIP ECONOMY INTO RECESSION IN 2023: FANNIE MAE<\/u><\/strong><\/a><\/p>\n<p>On top of that, less than half of the offers from <a href=\"https:\/\/www.foxbusiness.com\/real-estate\/homebuying-competition-falls-lowest-level-2-years\" target=\"_blank\" rel=\"noopener\">Redfin agents faced competition<\/a> last month, which marked another record low since the start of the pandemic.\u00a0<\/p>\n<p>Zhao projected the housing market will get worse before getting better as <a href=\"https:\/\/www.foxbusiness.com\/category\/the-fed\" target=\"_blank\" rel=\"noopener\">the Federal Reserve<\/a> continues to battle inflation.\u00a0<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2021\/12\/931\/523\/Home-Sales-Mortgages.jpg?ve=1&#038;tl=1\" alt=\"U.S. home for sale\" \/><\/div>\n<div class=\"caption\">\n<p><span>A home sits for sale in Geneva, Illinois, June 23, 2009.\u00a0<\/span><span> (REUTERS\/Jeff Haynes\u00a0 \/ Reuters Photos)<\/span><\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.foxbusiness.com\/economy\/fed-barrels-toward-75-basis-point-rate-hike-high-inflation-persists\" target=\"_blank\" rel=\"noopener\"><strong>FED BARRELS TOWARD ANOTHER 75 BASIS POINT RATE HIKE AS HIGH INFLATION PERSISTS<\/strong><\/a><\/p>\n<p>&#8220;The Federal Reserve will likely continue hiking interest rates,&#8221; he said. &#8220;That means we may not see high mortgage rates \u2014 the primary killer of housing demand \u2014 decline until early to mid-2023.&#8221;\u00a0<\/p>\n<p>The Fed meets in November. Traders are pricing in a more than 95% chance of another 75 basis point hike at the conclusion of the Fed&#8217;s two-day meeting Nov. 2, according to the CME Group&#8217;s FedWatch tool, which tracks trading. Only 4.9% think the Fed will go with a half-point hike instead. A basis point is one hundredth of one percent.<\/p>\n<p><a href=\"http:\/\/foxbusiness.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>CLICK HERE TO READ MORE ON FOX BUSINESS<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Check out what&#8217;s clicking on FoxBusiness.com Red-hot mortgage rates are giving home buyers and sellers cold feet. About 17% of homes that went under contract with real<\/p>\n","protected":false},"author":1,"featured_media":1705466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1705463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1705463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1705463"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1705463\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1705466"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1705463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1705463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1705463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}