The End Of The Housing Market?
Uh-oh!
U.S. home builders have lost confidence in the housing market after it plunged to the lowest level since the beginning of the COVID-19 pandemic this July thanks to wildly high inflation and rising borrowing costs brought on by Joe Biden’s presidency.
According to Fox, the National Association of Home Builders/Wells Fargo Housing Market Index which analyzes the pulse of the single-family housing market found that it will for it’s 7th consecutive month to a shocking low of 55 which is the lowest since May 2020.
Just one year ago, the reading was sitting at 80 and peaked to 90 in November of 2020.
NAHB Chairman Jerry Konter explained, “Production bottlenecks, rising home building costs and high inflation are causing many builders to halt construction because the cost of land, construction and financing exceeds the market value of the home.”
If you were searching for a home and were having difficulty finding one, things may start to change. The only problem now is, will buying a home now be much more expensive than you could have bought it for just a few months ago? The answer is likely yes.
