Reported 1 day ago
Top economist Mark Zandi has issued a grave warning about the housing market, suggesting it could significantly hinder overall economic growth. With mortgage rates near 7% unlikely to drop soon, he foresees a decline in home sales, construction, and prices. The industry is feeling the strain, evidenced by a decrease in new home sales and construction permits, while builders are increasingly hesitant to buy land. With rising home listings, many homeowners are withdrawing properties from the market due to lack of interest, leading to a worrisome outlook for the economy.
Source: YAHOO