Homes under construction in the Harvest by Limoneira neighborhood in Santa Paula. (Tony Biasotti photo) Despite rising interest rates and a potentially slowing U.S. economy, homebuilders and residential developers seem eager to build in the tri-county region. The costs of materials and labor to build new homes have increased, and rising interest rates means potential homebuyers have to pay more mortgage interest, leaving less money for the principal. Developers are also hurt by rising interest rates, if they have to borrow to buy property or finance construction.

https://www.pacbiztimes.com/2022/08/11/rising-interest-rates-uncertain-economy-havent-slowed-homebuilding-in-region-yet/

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