Closing post
Time to wrap up… here are today’s main stories:
The UK economy is ‘limping along’, KPMG has warned, ase high interest rates and policy uncertainty take their toll on global growth.
Germany’s business climate has deteriorated, the Ifo Institute has warned, as Europe’s largest economy teeters near a recession.
US builder sentiment lifted by falling interest rates
Over in the US, the four-month decline in builder confidence has ended, helped by falling borrowing costs and signs that housing conditions are improving heading into 2024.
Builder confidence in the market for newly built single-family homes rose three points to 37 in December, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI).
NAHB chairman Alicia Huey explains:
“With mortgage rates down roughly 50 basis points over the past month, builders are reporting an uptick in traffic as some prospective buyers who previously felt priced out of the market are taking a second look.
With the nation facing a considerable housing shortage, boosting new home production is the best way to ease the affordability crisis, expand housing inventory and lower inflation.”
Falling mortgage rates helped end a four-month decline in builder confidence, which rose three points to 37 in December in the NAHB/Wells Fargo Housing Market Index (HMI). Recent data also suggests improving conditions in 2024. https://t.co/g3ocjM41kB #realestate #economics
— NAHB 🏠 (@NAHBhome) December 18, 2023
