The ‘fastest Fed-driven housing slowdown on record’ has slowed the U.S. housing market with elevated prices and higher monthly mortgage payments.
The Fed’s battle against inflation over the last year and a half has resulted in home-buying demand plummeting as borrowing costs took off.
Housing has historically been very interest-rate sensitive, but this current regime of higher rates has made it the “fastest Fed-driven housing slowdown on record,” according to Apollo. Sales of existing single-family homes have fallen much more sharply than in previous periods when the Fed began raising interest rates.
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