SVB Is a ‘Nail in the Coffin’ for Bay Area Housing Market’s Gold Rush
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After months of weak buyer interest, agents began seeing larger crowds at open houses in January and getting multiple offers above asking price on their listings. By early March, though, climbing mortgage rates, plunging stock prices and mushrooming Big Tech layoffs tempered hopes for a spring rebound. Then came last week’s run on the bank that was intricately tied to the region’s massive explosion in wealth.
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