Source: New York Post —
The US housing market is likely close to hitting a bottom following months of plummeting buyer demand and falling home prices, a prominent economist said in a note to clients this week.
Homebuilder confidence fell for the 11th straight month in November and plunged to its lowest level since June 2012, excluding the COVID-19 pandemic, according to the National Association of Home Builders’ monthly survey.
Sentiment in the housing sector has fallen rapidly during this year’s massive surge in mortgage rates – which topped 7% for a 30-year fixed-rate loan earlier this month before receding to 6.61% last week. Ian Shepherdson, chief economist at Pantheon Macroeconomics, argued that mortgage rates appear to have stabilized — a welcome sign for homebuilders and buyers alike.
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NO. Keep raising them until the builders stop price gauging. They have not had issues with supplies for months. The builders know exactly what they are doing. They need to get burned financially for this. They do not want to build in volume and certainly not affordable. They drag their feet to cause lower inventory driving demand. Very similar when crude prices fall and gas companies wont adjust the prices correctly.