Mortgage Rates Crush New Home Construction: Largest Drop in 4 Years Spurs Investor Concerns
New York, NY – Residential construction in New York saw a significant decline, with both single-family and multifamily homes experiencing a substantial drop. This decrease is the largest seen in four years and is attributed to rising mortgage rates affecting housing activity. According to data released by the Census Bureau on Tuesday, housing starts fell 14.7% month-over-month in March, plummeting from a pace of 1.55 million units annually to 1.32 million units annually. Specifically, single-family …