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Housing Recession Arrives: Interest Rates Up, Buyers Down

At a glance

  • The booming housing market is a thing of the past, as rising interest rates have caused some buyers to cancel their purchase contracts.
  • Large price drops are not expected because inventory is low, but home sales are declining, including a 5.9% drop in July.
  • First-time homebuyers appear skittish; normally they make up 40% of sales, but that was down to 29% last month.

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