‘Stuck’: Housing market malaise may last for years
By: Katy O'Donnell
Jul 05
Polls show skyrocketing housing costs are a top issue for young voters, with more than 90 percent in one survey saying affordability is a key factor in how they’ll vote.
The U.S. housing market — plagued by high interest rates and sluggish sales — is poised to become a major drag on the economy heading into the election.
A series of reports in recent weeks have presented a bleak picture of a once-hopeful market that makes up as much as 18 percent of the economy: Sales of existing homes are down, and pending sales have sunk to a record low. Housing starts in May dropped to their lowest level since June 2020, when the pandemic brought everything to a halt. Residential investment has fallen amid the highest borrowing costs in more than two decades.
Read the full article on Politico
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