Housing Bubble Woes: Home Prices Drop 3.5%, Steepest Monthly Drop since Jan. 2016. Sales, already at Lockdown Levels, Drop Further. Active Listings Rise Further

In July and through mid-August, mortgage rates fell sharply from the 6%-range in mid-June, on the widely propagated fantasy of a Fed “pivot” on rate hikes. By mid-August, the average 30-year fixed mortgage rate was down to 5%. Yesterday, they were at 6.47%. But the brief interlude of dropping mortgage...