Consumer sentiment regarding the housing market fell to a record low as mortgage rates rise and make homes much less affordable.
About 4 out of every 5 consumers describe home buying conditions as bad, according to the University of Michigan’s consumer sentiment survey for this month. That is the highest number recorded by the survey, which goes back to 1978.
The rising rates, coupled with just about everything else being more expensive for consumers as inflation outpaces wage gains, have caused the red-hot housing market of last year to freeze and turn cool quickly. Those firms bought some 66,000 homes during the third quarter, according to data collected by Redfin. During the same quarter a year ago, companies purchased a whopping 94,000 homes, meaning there has been a decline of about 30% from just last year.
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