Housing starts for single-family homes rose 6.7 percent in July and overall housing starts jumped 3.9 percent. This comes as existing home inventory has remained low. National Association of Home Builders CEO Jim Tobin joins Yahoo Finance Live to discuss the challenges facing the housing market. The Federal Reserve's "efforts to crush inflation are in turn starting to crush demand in housing," Tobin says. High mortgage rates "are really keeping people on the sidelines." As people stay in their existing homes, it gives "new construction an outsized portion of the for sale market," Tobin says. "Construction looks good, but we're still facing the headwinds," as "lending for construction loans" are "very high, as well as construction costs and labor concerns continue to be a drag on new home construction and new apartment construction," Tobin explains.
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