Reported 3 months ago
US single-family homebuilding in June dropped to an eight-month low due to higher mortgage rates, impacting economic growth. The Commerce Department report also indicated a decrease in permits for future construction, potentially limiting any rebound. Despite a shortage of existing homes for sale, the housing market is facing challenges, with rising prices and borrowing costs affecting home affordability. Economists predict that residential investment may have detracted from GDP in the second quarter.
Source: YAHOO