The rise in the cost of mortgage loans has led to a massive buyer exodus from the US real estate market.
Overall, investors bought 45% less real estate at the end of Q2 2023 compared to a year earlier, according to the brokerage company Redfin.
That’s the biggest decline since 2008 with the exception of the quarter before, when they dropped 48%.
Why is there no crisis now, unlike in 2008? The secret is simple – nobody talks about it.