{"id":1742558,"date":"2022-11-17T12:48:29","date_gmt":"2022-11-17T17:48:29","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1742558"},"modified":"2022-11-17T12:48:35","modified_gmt":"2022-11-17T17:48:35","slug":"us-homebuilding-tumbles-to-two-year-low-amid-soaring-mortgage-rates","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-homebuilding-tumbles-to-two-year-low-amid-soaring-mortgage-rates\/","title":{"rendered":"US Homebuilding Tumbles to Two-Year Low Amid Soaring Mortgage Rates"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-homebuilding-tumbles-to-two-year-low-amid-soaring-mortgage-rates%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1742558&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>WASHINGTON (Reuters)\u2014U.S. homebuilding fell sharply in October, with single-family projects dropping to the lowest level in nearly 2-1\/2 years, as the housing market buckles under the strain of surging mortgage rates, which are pricing out potential homeowners.<\/p>\n<p>Housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.425 million units last month, the Commerce Department reported on Thursday. Data for September was revised higher to a rate of 1.488 million units from the previously reported 1.439 million units.<\/p>\n<p>Economists polled by Reuters had forecast starts sliding to a rate of 1.410 million units. Housing starts dropped 8.8% year-on-year in October.<\/p>\n<p>Single-family housing starts, which account for the biggest share of homebuilding, tumbled 6.1% to a rate of 855,000 units, the lowest level since May 2020. Single-family homebuilding declined in all four regions.<\/p>\n<p>Starts for housing projects with five units or more slipped 0.5% to a rate of 556,000 units. Multi-family housing construction has fared better as the soaring mortgage rates force many potential home buyers to remain renters. A key gauge of rents surged by the most on record on a year-on-year basis in October, according to the latest consumer price data.<\/p>\n<p>Mortgage rates have jumped in response to rampant inflation, which has compelled the Federal Reserve to unleash the fastest interest rate-hiking cycle since the 1980s. The 30-year fixed mortgage rate is averaging above 7%, the highest since 2002, according to data from mortgage finance agency Freddie Mac.<\/p>\n<p>Data on Wednesday showed confidence among single-family homebuilders fell for an 11th straight month in November, pushing the National Association of Home Builders (NAHB)\/Wells Fargo housing market index to the lowest level since June 2012, excluding the tumble during the initial wave of the COVID-19 pandemic in the spring of 2020.<\/p>\n<p>Permits for future home construction fell 2.4% to a rate of 1.526 million units in October. Single-family building permits dropped 3.6% to a rate of 839,000 units.<\/p>\n<p>Permits for housing projects with five units or more slipped 1.9% to a rate of 633,000 units.<\/p>\n<p>(Reporting by Lucia Mutikani; Editing by Andrea Ricci)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>WASHINGTON (Reuters)\u2014U.S. homebuilding fell sharply in October, with single-family projects dropping to the lowest level in nearly 2-1\/2 years, as the housing market buckles under the strain of surging mortgage rates, which are pricing out potential homeowners.<br \/>\nThe post US Homebuilding Tumbles to Two-Year Low Amid Soaring Mortgage Rates appeared first on Washington Free Beacon.<\/p>\n","protected":false},"author":66,"featured_media":1742561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[],"class_list":["post-1742558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1742558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1742558"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1742558\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1742561"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1742558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1742558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1742558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}