"High energy prices are kryptonite for the housing market. Affordability, especially for those first-time home buyers, is now an elusive dream until oil prices come down and interest rates come down."
"When diesel prices are up, when oil prices are up, it affects everything. You'll see in the housing numbers, you're going to see a slowdown in construction, which is very, very negative."
Higher gas prices, driven by oil at $102 a barrel, are affecting the economy and housing market. The housing market is described as a 'blood-stained hellscape' due to rising interest rates and construction costs. Affordability for first-time home buyers is becoming increasingly difficult. Diesel prices have surged to $5.41 per gallon, contributing to inflation and a slowdown in construction. These higher energy prices will soon be reflected in housing market reports, indicating a negative trend.
Read at www.mediaite.com
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