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Housing expert: Home sale cancellations ‘have spiked tremendously’

“You don’t need a Ph.D. in economics from the University of Chicago to understand that 7% mortgage rates are a threat to the U.S. housing market. We’re already seeing it. On Tuesday, we learned that mortgage purchase applications fell 13% last week. That’s starkly sharper than the 1.1% decline we saw in the previous week. […]

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