Economics
It's the Worst Time to Buy a Home in a Generation, US Survey Shows
- Consumers attribute worse conditions to interest rates, prices
- Rates are also impacting buying conditions for durable goods
Photographer: Ty Wright/Bloomberg
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US consumers are seeing home buying conditions at their worst in a generation as mortgage rates soar in response to the Federal Reserve’s aggressive tightening cycle.
About four in five consumers now describe buying conditions for homes as bad, a record in data going back to 1978, according to the University of Michigan’s consumer sentiment survey for November. The number of people who attribute the erosion in conditions to higher interest rates is at the highest level in 40 years, figures showed Friday.