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Home Buyers Retreat as Mortgage Rates Hit 6 Percent in U.S.

National broker Redfin reports that as U.S. mortgage rates reach 6 percent, seasonally-adjusted new listings of homes for sale have fallen 8% from July to August 2022 to their lowest level since May 2020, when the housing market was paralyzed by the onset of the COVID-19 pandemic. Prior to the pandemic, we hadn't seen so few homes hit the market since November 2012.

Commercial, Multifamily Mortgage Delinquencies in U.S. Remain Low in Q2

According to the Mortgage Bankers Association's latest Commercial/Multifamily Delinquency Report, U.S. commercial and multifamily mortgage delinquencies declined in the second quarter of 2022.

U.S. Mortgage Rates Exceed Six Percent in Mid-September, First Time Since 2008

According to Freddie Mac, U.S. mortgage rates continued to rise alongside hotter-than-expected inflation numbers this week, exceeding six percent for the first time since late 2008. Although the increase in rates will continue to dampen demand and put downward pressure on home prices, inventory remains inadequate.

U.S. Foreclosure Starts Reach Pre-Pandemic Levels in August

Based on ATTOM's August 2022 U.S. Foreclosure Market Report, there were a total of 34,501 U.S. properties with foreclosure filings -- default notices, scheduled auctions or bank repossessions -- up 14 percent from a month ago and up 118 percent from a year ago.

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