U.S. home builder sentiment plummeted in July to its lowest level since the early months of the coronavirus pandemic, as high inflation and the steepest borrowing costs in more than a decade brought customer traffic to a near standstill. At the same time, a gauge of activity in the services sector activity in the U.S....
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When Donna Jones and her husband looked to rent a home in Northern Virginia in February, they often received the same response: Sorry, but someone else offered to pay more rent. “We didn’t even know you could do that,” Ms. Jones said. Bidding wars have long been a staple of hot housing markets, where buyers...
Home sellers across the country — including those in formerly scorching hot pandemic-fueled markets — have had to adjust expectations and drop prices as home buyers lose purchase power to rising mortgage rates. More than 40% of home sellers in Salt Lake City; Boise, Idaho; Sacramento, California, and other areas where home price appreciation ballooned...