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Housing Paralysis Engulfs US Buyers With Prices Starting to Fall

Soaring mortgage rates have led to the worst affordability in almost four decades, while sellers are also trapped in place.

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Housing Market Bending, Not Breaking on Rates: Evercore Analyst
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The US housing market has gone from fear of missing out to just plain fear. 

Prices are falling from peak levels, with expensive West Coast markets recording the steepest declines. Bidding wars are fading and sellers are having to ratchet down expectations.