Concerns over the stability of the U.S. banking system is spilling over into the housing sector as experts worry about credit drying up for home builders.
The collapse of banks such as Silicon Valley Bank and Signature Bank has spooked many investors who have withdrawn vast sums of money from regional banks and moved it to bigger financial...
Wall Street is anticipating tighter credit conditions for the U.S. economy in the months ahead. Goldman Sachs recently lowered its forecast for U.S. economic growth, expecting small and medium-sized banks to scale back lending, to preserve liquidity. With the U.S. already experiencing a housing deficit, the squeeze in credit availability could continue to keep the cost of homeownership high as supply remains tight. The U.S. is short of 2.3 million homes, according to calculations by Realtor.com.
— Lisa Sturtevant, chief economist at Bright MLS “More difficulties borrowing will mean some builders will have less flexibility to offer buydowns and other financial incentives,” she explained. Like Dietz, Wolf said she expects builders who work with smaller and regional banks will find it harder to access credit now than in the years prior.
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