New home sales decline in May, thanks to high borrowing costs. Does this prepare us for a grim outlook for housing?
The announcement of a large purchase by private-equity firm KKR adds to evidence that apartment values are bottoming. KKR will pay some $2.1 billion for 18 developments built by Lennar that spread from California through Texas, Colorado, Georgia, Florida, and North Carolina, to New Jersey. Wedbush analyst Richard Anderson says that real estate investment trusts that focus on apartments are seeing the light at the end of the Sunbelt tunnel.
New home sales hit a six-month low as high mortgage rates continued to weigh on buyers.