3 Housing Stocks to Sell Now
Rising interest rates are cooling off the U.S. housing market. The average interest rate on a 30-year mortgage, the most popular U.S. home loan, has risen to 6% for the first time since the 2008 financial crisis. Consequently, mortgage loan applications in the U.S. are down 64% from this time last year. Higher interest rates are impacting the entire housing sector, with new home sales falling to a six-year low in July. Home resales are sitting at a two-year low. New residential construction across the U.S. fell 9.6% in July from June, according to the latest data from the U.S. Department of Housing and Urban Development. Most industry analysts forecast more pain ahead as the Federal Reserve is widely expected to continue lifting interest rates throughout the remainder of this year and into 2023 to dampen inflation. As the entire real estate market heads south , here are three housing stocks to sell now. RKT Rocket Companies $7.44 DHI D.R. Horton $70.48 RDFN Redfin $7.47 Rocket Companies (RKT) Source: Lori Butcher | Shutterstock.com Even before the current market downturn, Detroit-based Rocket Companies (NYSE: RKT ) wasn’t a good investment.
3 Housing Stocks to Sell Now
Rising interest rates are cooling off the U.S. housing market. The average interest rate on a 30-year mortgage, the most popular U.S. home loan, has risen to 6% for the first time since the 2008 financial crisis. Consequently, mortgage loan applications in the U.S. are down 64% from this time last year. Higher interest rates are impacting the entire housing sector, with new home sales falling to a six-year low in July. Home resales are sitting at a two-year low. New residential construction across the U.S. fell 9.6% in July from June, according to the latest data from the U.S. Department of Housing and Urban Development. Most industry analysts forecast more pain ahead as the Federal Reserve is widely expected to continue lifting interest rates throughout the remainder of this year and into 2023 to dampen inflation. As the entire real estate market heads south , here are three housing stocks to sell now. RKT Rocket Companies $7.44 DHI D.R. Horton $70.48 RDFN Redfin $7.47 Rocket Companies (RKT) Source: Lori Butcher | Shutterstock.com Even before the current market downturn, Detroit-based Rocket Companies (NYSE: RKT ) wasn’t a good investment.