Sharply rising mortgage rates, a steep decline in home sales and a record price slowdown have raised concerns that the housing market could crash.
The mortgage rate reached over 7 percent this week, the first time in almost two decades that rates climbed that high. U.S. home prices saw a record slowdown in August, falling by 2.6 percent, and new home sales fell 11 percent in September, according to data released by the Census Bureau on Wednesday.
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