Home Sales Plummet to 2008 Lows as Mortgage Rates Near 8%
-
Mortgage rates are at multi-decade highs, nearing 8%, impacting home affordability and sales.
-
Home sales are projected to hit 2008 recession lows as high rates deter buyers.
-
Housing industry groups have pleaded with the Fed for help, as in the 1980s downturn.
-
The Fed's restrictive policies to curb inflation are causing declines in home building and mortgage applications.
-
Wells Fargo economists see dim prospects for a housing rebound given persistently high mortgage rates.