The homebuilding industry is taking a hit as rising mortgage interest rates are causing buyers to hit the pause button. As a result, Phoenix-area homebuilders have been issuing fewer single-family permits.
So far this year, single-family permits are down 14% year over year, dropping to 21,284 permits issued this year through Sept. 30, down from 24,649 for the same period last year, according to the Home Builders Association of Central Arizona."Falling permit levels are a reflection of the current new home market, which is stagnant compared to earlier this year," said
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