{"id":2076572,"date":"2023-10-23T13:45:02","date_gmt":"2023-10-23T17:45:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/soaring-interest-rates-crushing-home-sale-agreements\/"},"modified":"2023-10-23T13:50:29","modified_gmt":"2023-10-23T17:50:29","slug":"soaring-interest-rates-crushing-home-sale-agreements","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/soaring-interest-rates-crushing-home-sale-agreements\/","title":{"rendered":"Skyrocketing interest rates are devastating home sale agreements."},"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\">16<\/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%2Fsoaring-interest-rates-crushing-home-sale-agreements%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=2076572&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--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<figure class=\"wp-block-image size-large\"><figcaption class=\"wp-element-caption\">(Photo by MICHAEL DANTAS\/AFP via Getty Images)<\/figcaption><\/figure>\n<h2>OAN\u2019s <a href=\"https:\/\/www.oann.com\/tag\/daniel-baldwin\">Daniel Baldwin<\/a><br \/>10:30\u2064 AM \u2013 Monday, October 23, 2023<\/h2>\n<p>New data from Redfin has revealed that over 16% of home-purchase agreements\u200d were canceled \u2064in\u200b September 2023. This marks the highest\u2064 number since October 2022. This surge comes as the <a href=\"https:\/\/www.oann.com\/newsroom\/bidenomics-mortgage-rates-jump-to-8-for-first-time-in-23-years\/\">30-year fixed mortgage rate reached 8%<\/a> for the first \u200ctime since 2000.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cThe \u200breason why \u200cthe Fed is increasing interest rates, as they say, is because they\u2019re spending so much money and the Fed has\u200b to increase their Fed funds rate to drive down inflation,\u201d said Bob Rubin, the founder and \u2062president of Rubin Wealth Advisors.\u200b \u201cWhen\u2063 you increase those Fed\u2063 funds rates, well guess what? \u200dYou\u2019re increasing mortgage rates.\u201d<\/p>\n<\/blockquote>\n<p>About\u2064 53,000 home \u2063sales were canceled, \u2064according to data from <a href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-september-2023\/\">Redfin<\/a>. In comparison, the \u2062<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/30-year-mortgage-rates-surge-to-highest-level-in-20-years-as-home-prices-remain-elevated\/\" title=\"30-year mortgage rates reach 20-year high, while home prices stay high.\">30-year mortgage \u200brate<\/a> was \u20632.65% in January 2021 when\u200c former President\u2062 Donald Trump left\u200b office. Rubin argues that flipping the White \u200dHouse in 2024 is the best solution to combat these soaring interest rates.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cI would \u200chave to say that electing a fiscally conservative Republican as the next\u2064 POTUS is vital to restoring economic stability,\u2064 reducing \u2062government\u2062 intervention, and promoting policies that prioritize the prosperity of the American people,\u201d Rubin told <em>One America News<\/em>.<\/p>\n<\/blockquote>\n<p>According\u2063 to Yahoo\u200b Finance, the\u200d median U.S. home price surged by $106,392 in the third quarter of \u200c2023 compared to the same period in 2019.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote data-service=\"twitter\" data-category=\"marketing\" data-placeholder-image=\"https:\/\/c3.oann.com\/wp-content\/plugins\/complianz-gdpr\/assets\/images\/placeholders\/twitter-minimal.jpg\" class=\"cmplz-placeholder-element twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The US median\u2063 home price increased by nearly 40% to $373,253 in the third quarter from $266,861 in\u200c the same period in\u200c 2019, per Yahoo Finance.<\/p>\n<p>\u2014 unusual_whales (@unusual_whales) <a href=\"https:\/\/twitter.com\/unusual_whales\/status\/1716477579614707969?ref_src=twsrc%5Etfw\">October 23, 2023<\/a><\/p><\/blockquote>\n<p><script type=\"text\/plain\" data-service=\"twitter\" data-category=\"marketing\" async data-cmplz-src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script> <\/div>\n<\/figure>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cBiden\u2019s economic policies have led to \u200brunaway spending and\u200c record high mortgage rates,\u201d \u2063Rubin said. \u201cThey\u2019re causing significant financial\u200c strain on the average hardworking America.\u201d<\/p>\n<\/blockquote>\n<p>Homeowners now need \u200cto \u200bearn $114,627 to afford a median-priced home in \u2063the U.S., according to Redfin.\u2062 The\u2063 median family income in the U.S. was less than $75,000 in 2022, per the US Census \u200cBureau.<\/p>\n<p>Stay informed!\u200b Receive breaking news blasts directly to your inbox for free.\u2064 Subscribe here. <a href=\"https:\/\/www.oann.com\/alerts\">https:\/\/www.oann.com\/alerts<\/a><\/p>\n<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-4\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-4'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\"> \t\t \t\t\u200d \t\tShare this \u200cpost!\t<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>U.S. congressional candidate \u2062for Virginia, Cameron\u200b Hamilton weighs\u200b in on the\u00a0rising\u200d threat to\u00a0national security.<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Israel \u2063lays out\u2064 their strategy to \u2064destroy Hamas\u2064 once \u200band for all, but questions mount over what the new government in Gaza\u200d will look like.<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>On Wednesday\u2064 night hundreds of Pro-Palestinian demonstrators broke\u200d into the US Capitol, demanding lawmakers on both\u200d sides of the aisle pressure\u2063 Israel into a ceasefire.<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>The man suspected \u2062of being involved with the\u2064 death of rap \u2064legend Tupac Shakur appears in court for\u200b his arraignment.<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Elon Musk \u200csaid \u200dthe social media\u200c platform X will soon launch two new \u2064tiers of premium \u200dsubscriptions.<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Bitcoin jumped on Friday \u2064above $30,000 for first \u2062time since \u200dJuly, taking gains for the week\u200b past 10%.<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Meta and TikTok have been given a week to provide details on measures \u200dtaken to counter \u200bthe spread of terrorist, violent content and hate speech on their platforms.<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Netflix increased subscription\u200d prices for some streaming \u2064plans as it shattered expectations for new customers.<\/h3>\n<\/p><\/div>\n<p> \u200drnrn  <\/p>\n<h2> What are the primary causes behind the surge in\u2064 canceled home-purchase agreements?<\/h2>\n<p><span>  \u200bTitle: \u200dSurge in Canceled Home-Purchase Agreements and \u2062Soaring Mortgage Rates Raise Concerns<\/p>\n<p>Introduction:<\/p>\n<p>New data from Redfin has revealed \u2062a concerning trend in the housing market, as over 16% \u200bof home-purchase agreements \u200bwere canceled in September \u20632023. \u2062This surge marks the highest number since October \u200d2022, coinciding with the 30-year\u2064 fixed mortgage rate reaching 8% for the first time\u200b since 2000. The implications of these developments\u2064 are significant, impacting both homebuyers and the broader \u200beconomy.<\/p>\n<p>Causes of Canceled Home-Purchase Agreements:<\/p>\n<p>The \u2064primary \u200ddriver\u200b behind the surge in canceled \u2063home-purchase agreements\u200b is the increase in mortgage rates. As the Federal Reserve seeks to combat rising inflation by raising interest rates, mortgage\u200b rates have consequently increased. Bob Rubin, the founder and\u2062 president of\u2062 Rubin Wealth Advisors, explains \u200dthat when the Fed funds rates\u2063 rise, \u2063mortgage rates follow suit.\u200b This \u2062correlation between interest rates and canceled \u200dhome sales underscores the importance of understanding the broader \u200deconomic context.<\/p>\n<p>Trump Era Comparison:<\/p>\n<p>To put the \u2062situation in perspective, data from Redfin shows that approximately 53,000 home\u2064 sales were canceled in September\u2062 2023.\u200b By comparison, the 30-year mortgage rate stood at a \u2062mere 2.65% in January 2021 when former President Donald Trump left office. Rubin argues that the solution lies in electing a fiscally conservative Republican as the next President\u200b in 2024, suggesting that\u200b this would restore economic stability, reduce\u2063 government intervention, and prioritize the prosperity of the American people.<\/p>\n<p>Escalating \u200dHome \u200cPrices:<\/p>\n<p>Furthermore, Yahoo Finance reports that the median \u200dU.S. home price surged by $106,392 in\u2062 the \u2062third quarter of \u200d2023 compared to the same period in 2019.\u2062 This substantial increase puts even more \u200dstrain on potential homebuyers \u2062who are already grappling with soaring mortgage rates. \u2062The\u200b combination\u2063 of rising prices and\u2064 higher interest rates has made it increasingly challenging for the average American \u200dto afford a home.<\/p>\n<p>The Impact on Average Americans:<\/p>\n<p>According to Redfin, homeowners now need to\u2064 earn $114,627\u200b to afford a median-priced home in the U.S., while the median family income in\u2063 2022\u200c was less than $75,000 according to the US Census Bureau.\u2062 These figures demonstrate the growing financial strain on hardworking Americans caused by President Biden&#8217;s economic policies \u2063and\u200c the resulting high mortgage rates. It is imperative to address these \u2062issues to protect the financial well-being of the American\u2062 people.<\/p>\n<p>Conclusion:<\/p>\n<p>The alarming surge in \u200bcanceled home-purchase \u200dagreements and the concurrent increase in mortgage rates \u200cdemand the urgent attention\u2062 of policymakers and\u200b industry \u2063experts alike. While economic factors play a significant role in this housing market crisis, it is essential to consider\u200b comprehensive strategies to alleviate the burden on potential homebuyers. Taking into account the impact \u2063of housing policies and the need for fiscal responsibility, policymakers \u200dmust formulate measures that promote economic stability, reduce intervention, and empower Americans to achieve homeownership without undue financial strain.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>time since 2022, causing a surge in canceled home-purchase agreements, according to Redfin&#8217;s latest data. In September 2023, over 16% of agreements were canceled, marking the highest cancellation rate in a year.<\/p>\n","protected":false},"author":1209,"featured_media":2076573,"comment_status":"open","ping_status":"closed","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":[542],"tags":[],"class_list":["post-2076572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"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\/2076572","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\/1209"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2076572"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2076572\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2076573"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2076572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2076572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2076572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}