Contractor Concerns
08/18/2022 |
New home construction activity is either in or near recession given the rapid 20% decline in starts since the recent 4/22 peak and the vertiginous collapse in the NAHB Home Builder Sentiment Index since 12/21. This month was the lowest reading since 6/14, excluding the worst Covid-19 values. However, first-time mortgage applications have been holding steady, down 18% Y-o-Y over the last three months and are back at 2015 levels.