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The 2023 Housing Crash Explained | Knowledge Brokers Podcast 001

Knowledge Brokers Podcast

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The Fast and the Furious of Real Estate

In the first half of 2022, rates jumped up in the second half north of 7%. So you're talking about the doubling of the cost of money all in a calendar year and nothing's ever happened like this before. The markets never moved that fast before. And we know what the Fed did to push rates up and some of the things that happened. But if you look at time on market, percentage of asking price received in our market in the greater Philadelphia area,. We were seeing folks sell 101, 102% of the asking price. Now it's 96, 97%.

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