The Commerce Department reported that construction of new U.S. homes slid 8% last month, a sign that a deep freeze in the housing market is not over yet.
ProChain President David Tawil explains why he predicts rate hikes are on the horizon and likely to stay high 'for a number of years.'
In a sign the deep freeze that has paralyzed the housing market for months is not over yet, applications to build – which measures future construction – fell 3.7% over the course of the month to an annualized rate of 1.44 million units. Compared with the same time last year, building permits are down about 15.3%.
, rose one point to 56, the highest reading since June 2022. Any reading above 50 is considered positive.
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