Homebuilder sentiment worsens on highest mortgage rates since 2008 and other news

Published by
Peter Kavinsky

Full video transcript below:

MARTIN BACKARDUX: Today again gloomy data from the housing sector. In fact, we saw a slight increase in new builds in August, but new building permits, the most promising piece of housing data, were very, very poor. They are down about 10% from August and this follows a 6% decline in July.

So we see that the builders are not particularly interested in obtaining these new building permits because they are concerned about the demand for housing, and rightly so. Mortgage rates are at their highest level since 2008. They topped 6% last week and are likely to continue rising as a result of the Federal Reserve’s rate hike.

However, what we did see was an increase in the number of new buildings in apartment buildings. In other words, the construction of residential complexes, duplexes and the like has begun. As a result, builders see an opportunity given the fact that we are seeing rising rents as a result of the price increases we are seeing in the broader US housing market.

So some opportunistic moves from developers in terms of trying to take advantage of rising rates, but they don’t have the confidence we expect to see in the broader housing market and so they are refusing new building permits. . And in fact, construction sentiment, which we saw yesterday, is in its longest monthly decline since 1985. So this is a serious business and a very important component of the growth of the US economy.

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Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

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