Housing business drops to the lowest when compared to the previous two years. The buying and selling of houses in the United States have hit a rock bottom. Because of the decline in Tenets and increasing mortgage rates, the business has fallen down by 5.2% when compared to the last month.
The single house for family purchase rates has gone down by 8.1% which is mainly because of two reasons. The first reason is, of course, inflation which seems to be never-ending. And the second reason is, strangely, recession.
Both these factors are opposing any economically positive news. And this housing news adds up to the negative list. Not only purchase, but economic factors have also led to a decline in the renting business too.
On a broader scale, if we try to measure the buying and selling of new houses, the entire business has gone down to 17.4%. Real estate agents are in a state of shock as this change was very steep. On the positive side the median house business, as a whole has gone up by at least 7.4%. The market was filled with at least 457,000 new homes at the end of June.
The housing market is directly related to the interest rates issued by the banks. And it is only natural that the interest rates are very high in this time of recession. Which explains why there is a downward trend in the housing market.
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