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Raw data: Construction spending in the US

2 years 6 months ago
Here's an odd thing: Residential construction plummeted in May 2022 as mortgage rates went above 5%. That's no surprise. But nonresidential construction started to rise at exactly the same time and has continued rising ever since. Why? Nonresidential construction is largely financed by public or corporate bonds, and high-quality bond rates rose at the same ...continue reading "Raw data: Construction spending in the US"
Kevin Drum

St. Louis among cities where homes are selling for the most over asking price

2 years 6 months ago
The Federal Reserve's efforts to curb inflation have pushed interest rates to levels unseen in more than two decades, and the number of home sales has been on the decline since its pandemic peak. But homes are still selling, even if slowly. And they're still increasing in price, even if that increase has been slowed [...]
Elena Cox