The pace of mortgage applications has fallen to a multi-decade low amid high housing interest rates, according to the latest data from the Mortgage Bankers Association (MBA). The Market Composite Index, a measure of mortgage loan application volume, declined by 14.2 percent on a seasonally adjusted basis for the week ended Sept. 30, 2022, compared…
Mortgage Application Pace Plunges to 25-Year Low as Housing Recession Deepens
October 5, 2022
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Business & Marketseconomyhigh interest rateshousing recessionMarketsmortgage applicationsmortgage ratesmortgage refinancereal estaterecessionUSUS NewsUS Real Estate
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US Construction Spending Drops for Second Month as Housing Recession Deepens
October 4, 2022
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Business & Marketsconstruction spendingeconomyhousing recessioninflationMarketsmulti family homesreal estaterecessionResidential constructionsingle family homesU.S. housing marketUSUS NewsUS Real Estate
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Construction spending in the United States—an indicator of total spending on all types of construction—fell in August for the second month as the housing market declines further into a recession. Construction spending last month was estimated at “a seasonally adjusted annual rate of $1,781.3 billion, 0.7 percent below the revised July estimate of $1,793.5 billion,”…
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