Wednesday, February 28, 2018

Rising mortgage rates hit new home sales hard, an ominous sign for builders



By CNBC, Feb. 26, 2018

Sales of newly built homes are falling, and the culprit is clear. Homebuyers increasingly can't afford what they want. Higher mortgage rates, combined with the loss of homeowner tax breaks in some of the nation's most expensive markets, are taking away buying power.

Sales fell in December, when the new tax law was signed, and then again in January, when mortgage rates moved higher. Sales are now at their lowest level since August of last year.
Read More: https://www.cnbc.com

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1 comment:

  1. This is a good thing. Housing Bubble 2.0 has crushed consumer spending power for the working class. These high prices were engineered by the Fed's rediculous and unnecessary dollar devaluation. Quantative Easing is theft via the inflation tax and was a politically motivated decision to bail out Obama's second term.

    ReplyDelete

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