U.S. homebuilding fell more than expected in February as construction of single-...
WASHINGTON - U.S. homebuilding fell more than expected in February as construction of single-family homes dropped to near a two-year low, offering more evidence of a sharp slowdown in economic activity early in the year.
“The sugar high is just about over,” said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. “The risks are more toward the downside than the upside.” The housing market hit a soft patch last year, squeezed by higher mortgage rates, pricier lumber, and land and labor shortages, which led to tight inventories and more expensive homes. But borrowing costs have eased in the wake of the Fed’s signaling of a long pause in hiking rates.
A survey last week showed confidence among homebuilders was steady in March, with builders still complaining about the scarcity of skilled workers and land, as well as zoning restrictions in many major metro areas.“The run-up in interest rates last year did some real damage,” said Mark Vitner, a senior economist at Wells Fargo Securities in Charlotte, North Carolina.
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