Builders ramp up price cuts on new homes to five-year high. They’re hoping a rate cut will rescue them.
1. Homebuilders cut prices to stimulate weak demand for new homes. 2. Nearly 40% of builders reduced prices, highest in over five years. 3. Builders hope Fed rate cut will spur sales and buyer confidence. 4. Mortgage rates often fall alongside expectations of a Fed rate cut. 5. Home builder confidence index remains low at 32, down from 41 last year.