Buying Real Estate

Banks have Stopped Giving Mortgages (Prices Just Dropped 15% in Austin)

The Mortgage Market is Crashing, with a 10-Year Low in Mortgage Purchase Applications. This is drop in demand is causing Home Prices to go down. Fast.

Especially in a Housing Market like Austin, TX. Where the Median Sale Price has declined by 14% over the last 5 Months according to Redfin. A decline in homebuyer demand, especially among Homebuyers using mortgages, is to blame.

The reason that this decline in Mortgage Application and Issuance is so concerning is because over 75% of Home Sales in America are financed with a Mortgage. So if the US Mortgage Market drops, then the Housing Market drops.

One reason for the decline in demand is Mortgage Rates. The 30-year Fixed is now over 7%, making the cost of buying and owning a home too expensive. Especially in a expensive Housing Markets like Austin, Los Angeles, San Francisco, and Seattle, where Home Prices have dropped the most.


DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Neither Reventure Consulting or Nicholas Gerli are registered financial advisors. Your use of Reventure Consulting’s YouTube channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, YouTube, E-Mail, and Instagram) for communications with Reventure Consulting does not establish a formal business relationship.

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