The U.S. housing market appears to be straining under the weight of its own pandemic-driven success. Recent data shows the sector is returning from the stratosphere and coming back to pre-COVID levels, as evidenced by a slew of data released this week.
Indeed, mortgage demand dropped by 4% last week, according to the Mortgage Bankers Association (MBA). Applications for loans to purchase homes are down 18% from the same week last year.
Some statistics showing that housing is coming down, suggesting the Covid peak may be over.