The past couple of months have been bleak for the US housing market, and new data suggests there is more pain to come for homebuilders. After a spectacular 6-year run, the U.S. housing market is at a turning point. A steady stream of negative data confirms slowing activity in the home rental and home ownership segments of the market. Rising mortgage rates, skyrocketing building costs, and tight inventories are making ownership prohibitively expensive for many Americans. With millennials coming into age and forming households of their own, they face the question of whether to buy or rent. Many are opting for the latter, a shift that could be bearish for homebuilders . . .

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