Drew Reading News Today

The overall professional contractor market in North America is worth about $500 billion, says Drew Reading at Bloomberg Intelligence.

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Elevated mortgage rates and record-high home prices are poised to put an end to the home-improvement spending boom that drove growth at Home Depot Inc. and Lowes Cos. over the pandemic period.

Analysts have predicted that home improvement retail giants Lowes and Home Depot are both set to experience their first annual sales drops in over a decade.

After dropping to a low of more than 40% last year, the recent rally in homebuilders represents a massive rebound from last June's slump and a testament to what appears to be a gradual recovery in home construction. 

An index tracking the industry is up 28% so far this year coming off of one of its worst years since 2018.

A look at how Zonda and Bloomberg teamed up to better understand what the housing landscape may look like throughout the coming year.

PulteGroup Inc. reported plunging demand for its homes and a spike in canceled deals for the third quarter. But the shares rose, showing just how the bar has been "lowered" for builders navigating the U.S. housing slump.

From Bloomberg: Surging mortgage rates and accelerating inflation have pressured consumers and shaken investor confidence on the resiliency of the torrid demand for homes that was spurred by the pandemic.