US housing market set for worst year since 2008 financial crisis

Sales of US existing homes fell last month to their lowest level since 2010, according to the National Association of Realtors. Existing-home sales are expected to be sluggish this year and are likely to hit their lowest level since the subprime crisis in 2008. On Wednesday, the US 30-year fixed-rate mortgage topped 8 percent, the highest level since 2000. Just two years ago, mortgage rates hovered around 3 percent.