Interest rates just paused a great many development dreams.
Check this bit of relevant data despite assurances from folks needing consumers & biz to keep buying:
Across the Kansas City region, home sale closings are down about 9.8% from June of this year to June of last year, even though pending sales are not as dramatic a decrease.
Read more via www.TonysKansasCity.com link . . .
Kansas City realty experts talk about the housing market, prices and mortgage rates
MATT: KRIS, THAT IS RIGHT. WE CHECKED. TO BUY A HOME LIKE THIS LAST YEAR IN LEAWOOD, BUT 30-YEAR MORTGAGE RATE ON JULY 29, WAS RIGHT AT 2.8%. TODAY, IT'S AT 5.3%. WE TALKED WITH A COUPLE OF EXPERTS HERE IN THE KANSAS CITY AREA TODAY ABOUT WHERE THE HOUSING MARKET GOES FROM HERE.
Related reading . . .
A housing recession is the first step to a Fed-induced recession. Here's where the housing market goes next
Historically speaking, the Federal Reserve's inflation fighting playbook always starts with housing. It goes like this. The central bank begins by applying upward pressure on mortgage rates. Not long afterwards, home sales sink and existing home inventory spikes. Then homebuilders begin to cut back.
U.S. facing "perfect storm" for 2008-like housing crisis: Economist
The U.S. is facing a "perfect storm" for a housing crisis similar to that of 2008, according to Jose Torres, a senior economist for Interactive Brokers. Torres made the comment during an interview with Insider, and his analysis comes as concerns over the economy and housing market remain a key issue for millions of Americans.
Developing . . .
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