Shares in US homebuilders have tumbled as fears that interest rates will remain higher for longer add to concerns that president-elect Donald Trump’s potential tariffs and mass deportations will raise construction costs. Since Trump’s election win in November the S&P 500 homebuilding index has dropped 17.3 per cent to its lowest level since July. US steel manufacturers and home furnishing groups have also suffered sell-offs following a two-year post-pandemic boom.
But rising inventories of new and completed homes built after the pandemic have begun to weigh on supply, with Reserve Bank of St Louis data showing a slowdown over the past year in the number of housing units under construction. The mood among investors has particularly soured in the last two months. “It’s policy, the outlook for rates, rising inventory . . .
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