Cooldown Coming In Housing Market
By TYRONE TOWNSEND Rising mortgage rates may not have brought the housing market to a halt just yet, but experts are predicting a cooldown that will come in waves and hit different areas of the country at different times. As home prices begin to level off, the 30-year mortgage rate is moving between 5% and 6%. At the same time, consumer confidence is dwindling, and economic statistics indicate the housing industry is cooling after its frenzied surge during the Covid-19 pandemic. As a result, several Wall Street analysts are revising their outlooks for the homebuilding sector and downgrading some equities. “The housing market faces both demand-side and supply-side challenges,” Robert Dietz, chief economist at the NAHB, said in a statement.…