The US is in a housing recession. Here’s what that means – By Megan Henney (FOX Business) / Sept 5, 2022
Housing recession playing out differently for sellers and buyers
The once red-hot housing market has cooled so rapidly in recent months that some experts actually think the industry has tumbled into a recession.
Painfully high inflation and rising borrowing costs have proven to be a lethal combination for the housing market, forcing potential buyers to pull back on spending.
A slew of new economic data published earlier this month shows the sector is starting to slow considerably: Home builders’ sentiment about the industry plunged to the lowest level in two years, and buyers are retreating from the market as they cancel home sales at the fastest pace since 2020 and builders are rethinking construction.
“We’re witnessing a housing recession in terms of declining home sales and home building,” Lawrence Yun, chief economist for the National Association of Realtors, said recently.
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