Last June, the Federal Reserve said it wanted a housing reset, which meant it wanted higher mortgage rates to destroy the housing market. This facilitated the biggest decline in existing home sales for a single year that we will ever see in modern-day history due to the high level of sales in January of 2022.
Today, the Federal Reserve achieved its primary goal; the days on the market are now above 30 days, which was the most important data line to get housing back to somewhat normal. Of course, this put the housing market into a recession details ⇒
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