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A worker drills plywood on a single family home under construction in Lehi, Utah, on Friday, Jan. 7, 2022.
George Frey | Bloomberg | Getty Images
The once-hot housing market is cooling off at an alarming rate, and some homebuilders say it will only get worse come the new year as new orders dry up.
Fast-rising mortgage rates have caused once-frenzied homebuyers to turn on their heels and become worried about their potential investment and the health of the overall economy.
“There’s this cliff that’s happening in January,” said Gene Myers, CEO of Thrive Homebuilders in the Denver area, which was one of the hottest markets in the years leading up to and through the coronavirus pandemic.
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Source cnbc.com
