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7.4

US single-family home construction plunges as permits hit multi-year low

US single-family building permits fell to a multi-year low as mortgage rates above 7.4% and record-low pending sales prompt developers to cut projects amid an oversupply of unsold homes. This signals a sharp contraction in the housing sector, which is likely to weigh on economic growth and could influence Fed policy expectations.

Infobaeabout 5 hours agoUSCredibility 25%View source

Score Breakdown

Mosaic Score7.4
Model confidence0.5
Significance0.8
Source credibility0.3

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United StatescountryFederal Reserveorganization
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