This news seems to be hitting the homebuilders pretty hard. It will be especially hard on the buildings materials and morgage specialist industries as well. Here is what they are forcasting:
The slowdown is likely to last several years, with as many as 500,000 construction jobs and 300,000 financial sector positions lost, the quarterly Anderson Forecast predicted.
• New construction of housing in October was down 5.6 percent from the previous month, with new construction of single-family housing accounting for a 3.7 percent dip.
• New home sales have declined.
• Applications for home mortgages have trended downward since late September as rates increased.
• In some regions, homes are remaining unsold longer and the pace of housing construction is outpacing population growth, which could spell a decline in demand.
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