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Brian Luke - 1 Dow - 1 HJCH - 1 homebuilders - 1 Homebuilders couldn't - 1 Orphe Divounguy - 1
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☆ Here's how bad housing affordability is now
  + stars: | 2024-06-25 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com   time to read: +4 min
Home prices set another record in April, even as mortgage rates rose and the supply of homes for sale increased. Usually, under those circumstances, prices would weaken, but today's housing market is unlike any other in recent history. The housing cost burden has hit a record, according to a new report from Harvard's Joint Center for Housing Studies. Housing supply was already low before the Covid pandemic hit, because homebuilders had yet to recover from the 2008 financial crisis. Then there was a pandemic-induced run on housing, causing supply to drop to record lows for several years.
Persons: Brian Luke, Dow, HJCH, homebuilders, Homebuilders couldn't, Orphe Divounguy Organizations: Mortgage News, Dow Jones, Harvard's, for Housing Studies
☆ Homebuilders say they're on the edge of a steeper downturn as buyers pull back
  + stars: | 2022-10-31 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com   time to read: +2 min
The once-hot housing market is cooling off at an alarming rate, and some homebuilders say it will only get worse come the new year as new orders dry up. Fast-rising mortgage rates have caused once-frenzied homebuyers to turn on their heels and become worried about their potential investment and the health of the overall economy. Home prices surged over 40% in just two years, and homebuilders couldn't meet the orders fast enough. That was before mortgage rates crossed 6% and then 7%. "Any hope of a soft landing really evaporated last spring, when it became so clear that our customers who are accustomed to such low mortgage rates just were going to go on strike."
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