Homebuilders say the US is now in a 'housing recession'

After a soaring period of rising prices There's a consensus within U.S. homebuilders that there is an "housing recession."

This month, U.S. homeowner mood (HMI) is witnessing the demand for single-family homes fall into negative territory 

following an increase in one of the biggest single-month declines in its history of 37 years is

the most recent research by the National Association of Home Builders (NAHB) and Wells Fargo.

The index dropped six points to 49 points this month which was the eighth consecutive month of low optimism.

A score of 50 or more is considered to be positive.

"Tighter monetary policy from the Federal Reserve and persistently elevated construction costs

have brought on a housing recession," NAHB Chief Economist Robert Dietz said in Monday's report.

The current gauge of sentiment is being made even more difficult to get a home or even take out a loan due to the fact that 

it was revealed that the Federal Reserve raised interest rates by an additional 25 basis points at the end of last month.

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