The housing market has hit 'rock bottom' and the sales slump will last a long time, Redfin CEO says

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Redfin

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Applications for home loans have plunged to the lowest level since 1996 as mortgage rates notch 23-year highs

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A mother and her daughter walk past a 'for sale' sign.
The 30-year fixed mortgage rate notched 7.53% over the last week, per the latest MBA data.

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The US housing market is headed for the largest sales slowdown since 2011, Fannie Mae says

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A woman toting an umbrella passes Fannie Mae headquarters in Washington February 21, 2014. REUTERS/Kevin Lamarque
Woman walks past Fannie Mae in Washington

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