A rule of thumb for mortgage rates is that consumers are more delicate to adjustments in rates than to the absolute level. Housing demand in 2022 slowed so dramatically because rates rose dramatically. This signifies that even when mortgage rates keep within the 7% vary, the place they’re now, then homebuyer demand will actually improve a bit. But if rates leap, that could be a trigger for giant home-price declines.

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The move comes after the realtor got the Supreme Court’s permission to begin the development. As many as …