. >> michael farkas with blink wshitaylor morrison, 40% off the lo ts year more on the home builderser this break >>> mortgage rates are up and home prices are down, so what does it all mean for real estate in 2023? let's ask diana olick. diana? >> well, kelly, it means we're already in a winter housing freeze and it's likely to get worse. there had been a glimmer of hope earlier in the month that the recent drop in mortgage rates might bring some green shoots, but rates have shot back up again in the past week, now up about 50 basis points to 6.54% lower rates throughout november didn't help. two reports showed buyers backed away even further, first pending home sales dropped a wider than expected 4% month over month and were down almost 38% year over year to the lowest rating in 21 years when the realtors started this survey with the exception of course of that one-month start of the pandemic. another report from redbin shows shares of luxury homes were 38% lower for the three months ending november 30th compared with the same period last year that's the biggest decline since they