Source: CNN Business —
Recent headlines point to a slumping US housing market — as mortgage rates average near 7%, an increasing number of potential homebuyers are finding it difficult to finance homes.
Mortgage applications fell in late February to a 28-year low, according to the Mortgage Bankers Association. But some of the country’s largest homebuilders are undeterred.
David O’Reilly, CEO of the real estate developer Howard Hughes Corp., told CNN that he’s “cautiously optimistic” that the residential housing market is rebounding after a downturn in the second half of 2022.
Before the Bell spoke with O’Reilly about Howard Hughes Corp (HHC). and his outlook for the market.
This interview has been edited for clarity.
Recent data point to doom and gloom for the housing market. What are you seeing?
