Home builder sentiment climbed in January for the first time since December 2021, according to the National Association of Home Builders, a welcome bright spot for the otherwise bleak housing market ravaged by soaring mortgage rates and a potential recession.
That’s a four-point increase from December, but still a far-cry from the 83 reading last January as the housing market deteriorated over the course of 2022. “A turning point for housing lies ahead,” NAHB chief economist Robert Dietz said in a statement, predicting, or the number of new homes beginning construction, will soon rise off of their two-year lows as demand recovers following mortgage rates’ projected decline.
Non-housing data also released Wednesday likely spelled good news for mortgage rates, which surged to a two-decade high as the Federal Reserve relentlessly hiked the federal funds rate to combat inflation.
With further price declines expected? I find this article misleading and just the exact opposite of reality. Unsubscribing to Forbes now !
Hmm, seems not connected with reality. Currently builders stocks are over priced and they have seen huge s of cancelations