Housing Market Gets Bad News as Construction Drops

The housing market received disappointing news Thursday after government data showed that the building of new homes fell across the board in May, worsening the supply challenges buyers are facing when trying to purchase a home.In March 2022, the Federal Reserve began hiking interest rates to counter inflation, and the housing market has been grappling with high borrowing costs as a result.

'Builders appear despondent, saying they are feeling the effects of the high costs of loans, which has dissuaded buyers from taking on expensive mortgages and has made capital for construction expensive. In June, builder confidence, as measured by the National Association of Home Builders/Wells Fargo Housing Market Index, fell to its lowest reading since December.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Housing Market Suffers More Bad NewsPending home sales plunged nearly 8 percent, according to the National Association of Realtors.
Source: Newsweek - 🏆 468. / 52 Read more »

Texas Housing Market Gets a BoostTexas has brought its housing inventory for sale back to pre-pandemic levels.
Source: Newsweek - 🏆 468. / 52 Read more »

Housing Market Gets Worse for BuyersHigh mortgage rates mean buyers have to pay more in monthly payments, according to Realtor.com.
Source: Newsweek - 🏆 468. / 52 Read more »