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Homebuyers had enough. Spiked mortgage rates on top of record home price appreciation—up 42% since the onset of the pandemic—pushed monthly mortgage payments to a level that is simply unattainable for tens of millions of would-be buyers. As more buyers take a rain check, the housing market correction only gets more intense.

This week, we learned that on a year-over-year basis, mortgage purchase applications are down 18%. While new home sales are down 17%, and single-family housing starts are down 16%.