Crossword Genius

Result from housing lapses in 70 cut rates (9)

Ross

I believe the answer is:

eventuate

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'result' is the definition.
(I've seen this before)

I can't explain the remainder of the clue.

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(Other definitions for eventuate that I've seen before include "Occur as a result" , "Result, come about" , "Turn out" .)

I've seen this clue in the Sydney Morning Herald.
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