Pulte Capital CEO Bill Pulte discusses the U.S. housing market as mortgage rates continue to fall for the fourth week in a row.
"In 23' it's going to be slow. I think we're going to have a tough row to hoe. I think that coming in the next year, you're really going to see the damage that's going on," Pulte Capital CEO Bill Pulte explained on"We need to make sure that these management teams are completely focused on executing right now because, Maria, you get 40% reduction in orders. And the big builders, they need to step up their game right now," he continued.
Host Maria Bartiromo pointed out that the home-buying mortgage application rate is down 10%, and asked whether Pulte believes that the U.S. housing market is currently suffering from a recession. "It's going to be a tough row to sow the rest of the year. And I think you heard that on the earnings call. I think you're going to see that coming into – even next year, frankly – Because, Maria, these orders are down," he stressed. "Pulte Group's orders, for example, are down 40% year-over-year. I mean, that's meaningful, Maria.
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