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Housing Market Under Pressure | Real Estate News
The Fed’s looming rate hike is sending shockwaves through the housing market, pushing mortgage rates toward 7% and crushing home sales—especially for new builds. Construction starts plummeted 12% in July, hitting a multi-year low, while permits surged as builders hedge against future costs and regulations. Meanwhile, cities like Raleigh build homes faster than San Francisco can even approve them, highlighting how slow approvals choke supply and keep prices high. With rising costs, labor shortages, and economic uncertainty, buyers are sidelined and builders are stuck—expect a prolonged…
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