https://www.dailymail.co.uk/news/article-11254447/Luxury-homes-fall-28-rest-market-plummets-19-5.html
Mortgage rates soar to over 7% - the highest level in 21 years - as luxury home purchases fall 28% and rest of market tanks 19.5% - as monster Fed rises hit borrowers
Mortgage rates soared above 7 percent this week, the highest level in 21 years and far exceeding rates recorded during the 2008 housing market crash
Luxury home sales in the US have sunk by 28.1 percent year-over-year in August, beating out the previous record drop of 23.2 percent in June 2020
Markets in Oakland, San Jose, Miami, San Diego and Seattle have seen the biggest hits this year as all 50 major metro areas have been impacted
Non-luxury home sales across the nation have also dipped by 19.5 percent
Economists said the drop in sales can be attributed to soaring federal interest rates and high inflation
By Ronny Reyes For Dailymail.Com
Published: 11:30 EDT, 27 September 2022 | Updated: 17:08 EDT, 27 September 2022