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Homebuilders see ‘housing recession’ as sentiment plunges to fresh 2-year low

Rising interest rates and abnormally high inflation triggered housing recession, NAHB says

Ron Clausen, CC BY-SA 4.0 <https://creativecommons.org/licenses/by-sa/4.0>, via Wikimedia Commons

By Megan Henney

FOXBusiness

Confidence among builders in the U.S. housing market plunged more than expected in August to the lowest level since the beginning of the COVID-19 pandemic as painfully high inflation and rising borrowing costs forced potential buyers to pull back.

The National Association of Home Builders/Wells Fargo Housing Market Index, which measures the pulse of the single-family housing market, fell for the eighth consecutive month to 49, marking the worst stretch for the housing market since the 2008 financial crisis.

Click the link below to read the rest of this story

https://www.foxbusiness.com/economy/us-enters-housing-recession-homebuilder-sentiment-plunges-fresh-2-year-low-nahb-says

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