Multiple signals a recession is eminent. Home sales figures are on the decline, and prices are flat or falling in virtually every market. No more bidding wars on homes. I know some builders in Huntsvegas, which has been an ultra hot market, have put the brakes on spec homes and are only doing pre sales.
An old adage is that the construction market is the first to fall and last to come back in a recession.
Seeing CDs for 5-6% at Credit Unions made me really think things were turning. Sis is in real estate and her son in law is a builder. Material cost got stupid and people kept paying right up in til interest rates jumped. Then it got a little silent. Friends that have multiplex’s were building left and right because they felt home ownership was gonna be in trouble sooner than later. They slow down building when interest rates drop because home ownership is easier to achieve.
The signs have been showing it’s just many don’t want it and think ignoring it will postpone the inevitable
https://www.dailymail.co.uk/news/article-12653703/Convoy-shipping-trucking-Seattle-Dan-Lewis.html
