A devastating combination of conditions — hiked mortgage rates, high construction costs, and low inventory levels — has hammered the housing market this year.
“We firmly believe that we’re in a housing recession right now,” Jerry Howard, CEO of the National Association of Home Builders, told Yahoo Finance Live (video above), noting that he’s “particularly concerned with the first-time homebuyer quadrant.”
The share of first-time homebuyers dipped to 26% from 34% just a year ago,…
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