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The Price of Oil and Home Sales Are Not Directly Related |
Twice in the past week I have been questioned by clients about the price of oil’s impact on housing and the current housing downturn. It’s easy to see why. Until its recent retreat, the price of crude oil had more than doubled in the last year. Since new construction, home prices and home sales have tanked in the last year, the conclusion is that the price of oil is part of the problem.
And worse, when I pressed one client’s source of concern I learned of a local housing market expert who recently told a group of builders and developers that the price of oil had to retreat to less than $100 per barrel for things to get better. |
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