Photo taken on July 19, 2022 shows a residential building in Manhattan, New York City, the United States. (Photo by Emma Li/Xinhua)
NEW YORK, Aug. 16 (Xinhua) -- The U.S. housing market has fallen into a "full-blown" recession amid surging mortgage rates and building costs, the New York Post reported Monday.
"Builder confidence has plummeted for eight consecutive months, marking its worst stretch since the housing market imploded in 2007 in the midst of the Great Recession," said the report.
The U.S. Federal Reserve's move to raise interest rates to deal with inflation has resulted in spiking mortgage rates, it said, adding that "an average 30-year fixed mortgage rate has nearly doubled since January."
"More consumers are 'sitting on the sidelines' due to the steep cost of buying homes in what is a 'troubling sign' for the market," the report quoted Jerry Konter, chairman of the Washington-based trade association the National Association of Home Builders, as saying. ■