In America, housing is not available due to the growth in mortgage payments

Americans stop building houses because of overstocking in the domestic market and waiting for cold weather, Bloomberg reports.

In January, the number of construction projects launched fell to the level of August 1997, that is, almost to a ten-year low. The volume of construction started for the month fell by 14.3%. The number of building permits issued has also decreased by 2.8%. At this rate, only 1.41 million homes will be built during the year. In December 2006, it was expected that in 2007, 1.64 million construction projects would begin.


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The number of houses under construction in January fell by 2.4% to 1.22 million buildings per year, while the number of completed construction projects fell by 1.2% to 1.88 million houses per year.

As the newspaper writes, for many Americans, housing has become unavailable due to rising prices and rising mortgage payments. So, last year the mortgage rate rose from 5.87 to 6.40%. The National Association of Realtors of the United States in early February, has already predicted a decline in sales of new homes until the end of 2007.

Source: Dengin.ru