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The U.S. Census Bureau reported this week that throughout Alabama and much of the United States, there was a pronounced growth in new home construction for the month of November. That growth is coming at a time of a nationwide housing shortage.
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"Home prices keep marching higher," NAR’s chief economist Lawrence Yun said, arguing that "only a dramatic rise in supply will dampen price appreciation."
Mortgage rates are edging down from their highest level in 23 years as inflation around the U.S. continues to cool.
US stocks slipped on Wednesday, as the record-setting rally took a breather after a string of gains over the past week.