New numbers are showing that rising interest rates are leading to a decline on land-buying activities across the Valley. abc15
PHOENIX — Rising mortgage interest rates had a direct impact on land-buying activity in metro Phoenix as homebuyers hesitated on purchasing new homes.
In research conducted exclusively for Phoenix Business Journal, RL Brown Housing Reports data shows how the number of land transactions continued to decline month by month. In total, homebuilders and developers have paid a total of $4.3 billion for 1,186 vacant land deals around the Valley so far this year.
Jim Daniel, president of RL Brown Housing Reports, said he noticed a drop in sales of custom and builder land, which aligns with rising interest rates and a drop in single-family homebuilder permits issued by municipalities. "The buying pause will allow the developers and builders to focus on future projects already in the pipeline," Daniel said.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
'Perfect storm' swirls as Canadians face hot inflation, rising ratesAt a warehouse on an industrial stretch in Ottawa, giant metal crates of donated groceries are piled high as volunteers sort canned goods, pasta and other foods to be distributed to pantries around the Canadian city.
Weiterlesen »
Fresenius Medical cuts outlook on slower recovery, rising costsKidney dialysis provider Fresenius Medical Care (FMC) on Sunday revised down its forecast for 2022, expecting net income to decline this year, dragged down by rising labour costs and a slower than expected recovery in North America business.
Weiterlesen »
David Brooks: Taylor Swift and the rising trend of global sadnessDavid Brooks: 'The negativity in the culture reflects the negativity in real life.'
Weiterlesen »
Rising Rent Costs Impact Dallas Residents, Eviction Filings Reach Five-Year HighMonthly Dallas County eviction filings have reached a five-year high as government rent relief runs out. Rising rents and inflation are making it harder for Dallas renters to stay in their homes.
Weiterlesen »
Rising Halloween costs make trick-or-treating less of a treat this yearRising prices, coupled with a post-pandemic surge in interest in Halloween, is expected to send holiday sales to a record-breaking level.
Weiterlesen »
Paul Pelosi attack highlights rising threats to lawmakersWASHINGTON (AP) — It’s something that goes along with being a member of Congress, no matter your party or your status: constant threats to your life, and the unshakeable feeling that they're only getting worse.
Weiterlesen »