US housing market enters “total” recession, says the New York Post | News from Mexico

NEW YORK.-The American real estate market has in a “full” recession amid rising mortgage rates and construction costs, the New York Post reported Monday.

Builder confidence has fallen for eight consecutive months, marking its worst run since the housing market imploded in the midst of the Great Recession in 2007,” the report said.

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“A Worrying Sign”

The decision by the US Federal Reserve to raise interest rates to deal with inflation caused an increase in mortgage rateshe points out, adding that “the average rate of 30-year fixed mortgages is almost has doubled since January“.

“More consumers are being ‘left out’ due to the high cost of home ownership, which is a ‘alarming sign‘ to the market,” the report added, citing Jerry Konter, president of the Washington-based National Association of Home Builders.

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