Fresh data released this week underscored just how stuck the U.S. housing market is.

On Monday, a closely watched sentiment index of the companies that build U.S. houses returned to its 2½-year low. A day later, the Commerce Department reported that the number of new housing starts and permits for single-family homes had edged higher in July but were still near post-pandemic lows.

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Housing prices remain high, as do mortgage interest rates. Reasons for optimism are scarce.

“Elevated mortgage rates continue to hold back sales of new homes, but the sharp further decline in homebuilders’ confidence since the start of this year seems partly to reflect both a hit to consumers’ confidence from the tariffs and slowing eco

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