High Mortgage Rates Impact U.S. New Home Construction
Homebuilding Slows Significantly in May American homebuilding fell off dramatically in May. Seasonally adjusted annual rate of 1.28 million homes was reported by the Census Bureau. It is less than the 1.38 million economists had projected and down from 1.35 million in April. With this slowdown, new home building is moving at its slowest rate since June 2020. High mortgage rates are a big part of this fall. The weak May performance of the housing market is indicative of more genera
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