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US growth worries mount as housing transactions collapse
We wrote about our concerns for the US housing market last week, citing the surge in mortgage rates and the challenge of saving for a deposit in an environment where prices have risen 35% nationally over the past two years. We increasingly sense that we are moving from a situation of massive excess demand post pandemic to one where we could be soon experiencing excess supply. This led us to warn of the prospect of a transaction slowdown and potential price correction in coming quarters. Today’s US new home sales numbers only make us more nervous. They recorded a huge drop from March’s 709k (originally reported as ... (full story)
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