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US homebuilders' confidence hits 14-year low
The US homebuilding companies' confidence index declined to its lowest level in about 14 and a half years in October, due to rising mortgage rates and energy-related building material prices, along with labor shortages and the impact of geopolitical tensions. The average 30-year mortgage interest rate reached 7.40%, the highest level in three years, leading to a slowdown in home sales and an accumulation of unsold housing inventories. Additionally, companies have increasingly reduced prices to attract buyers, and the percentage of firms offering incentives and discounts has risen significantly. This decline in confidence among consumers and potential buyers reflects a housing cost crisis that is affecting the US housing market.
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