Higher rates eroding demand in pricey markets

Published on Aug 30, 2013

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Increased interest rates have taken a bite out of housing demand, with buyers in pricey markets like New York City and Seattle taking the biggest hit, Bloomberg reports.

“A lot of agents are reporting that buyers were in escrow on a home and then rates went up and they no longer were able to afford the home,” a Redfin real estate economist told Bloomberg.

Source: Bloomberg

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