The Great American Housing Market Bifurcation

America's is a bifurcated housing market. If you fancy yourself a macro watcher, you should be able to write this story from memory. It's actually a tale of two markets: That for existing homes and that for newly-built dwellings. High rates are keeping sellers, but not necessarily buyers, at bay, creating a mismatch between resale inventory and demand for existing homes. That, in turn, is herding would-be buyers into new construction. Homebuilder sentiment hit a 10-month high in May, and the

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