Builder confidence in the market for newly built single-family homes fell three points in September to 46, the lowest level since May 2014 with the exception of the spring of 2020, according to the index.
“Buyer traffic is weak in many markets as more consumers remain on the sidelines due to high mortgage rates and home prices that are putting a new home purchase out of financial reach for many households,” said National Association of Home Builders Chairman Jerry Konter, a homebuilder and developer from Savannah, Georgia.“In another indicator of a weakening market, 24% of builders reported reducing home prices, up from 19% last month,” says Konter.
But one of the leading indicators of a housing recession is a significant decline in single-family starts.
The building is made of toothpick.
Probably because the government wants everyone living in high-density housing so cities will become more 'livable' (cramped)