Builders Say They’re Ready for This Housing Slowdown. ‘I’ve Learned My Lesson.’
A year ago, business was booming for Touchstone Living Inc. The Nevada builder had a list of 639 qualified buyers who wanted homes in its development about 15 miles north of the Las Vegas Strip.
Today, that list has shriveled to about 30. Many would-be buyers are unable to qualify for loans since mortgage rates have surged to 6.94%, their highest level since 2002 and more than double the rate of a year ago.
Little of this is good news for Touchstone or its owner, Tom McCormick. That said, in...