CEO of the National Association of Home Builders Jerry Howard predicts the rising financial conflicts in the housing market as mortgage rates continue to climb on ‘Cavuto: Coast to Coast.’Friday, National Association of Home Builders CEO Jerry Howard discussed the housing market's expected economic pivot following Federal Reserve Chair Jerome Powell's signal for an additional interest rate hike.Well, right now, I mean, obviously, 5.
, as you mentioned, are going to have to be put on the table if we're going to continue to have home sales. But right now, there is so much downward pressure on us from the financing end. Because you got to remember, when interest rates go up for the consumers, they're also going up for the builders. And the ability to get money in capital to buy land and entitle the land and develop the land is also greatly impeded. It adds to the costs.
5% currently at our bank. First house in 1985 was 11.5%.
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I have a brilliant idea. Give each potential buyer 100k to put towards the purchase of the home! Problem solved! And it can be paid for by those that have already paid off their homes!!! The idea seems so Presidential!!!!
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