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Americans Downbeat on Buying a New Home
Rising borrowing costs and property-price appreciation weigh on sentiment
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Americans are increasingly discouraged by rising borrowing costs and property-price appreciation that’s outpacing wage growth. The share of people who think this is a good time to buy a home plunged in August to 63 percent, the smallest since 2008, the University of Michigan consumer sentiment survey showed on Friday. That’s consistent with cooling sales of existing and new homes, for which July data will be released this week.