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The US housing market may be trapped in a prolonged freeze

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Fannie Mae economists predicted in a revised forecast that the U.S. housing market faces a prolonged downturn due to high mortgage rates and limited supply.

Redfin CEO Glenn Kelman joins 'The Claman Countdown' to discuss the impact of rising mortgage rates on the housing market.that stagnation in the housing market could last into 2024, whether the economy avoids a recession or not.

"Regardless of whether a soft landing is achieved over the coming year, we expect existing home sales to stay subdued and within a tight range," they wrote.have already tumbled 2.2% in July from the previous month to an annual rate of 4.07 million units, according to new data released Tuesday by the National Association of Realtors. On an annual basis, sales of previously owned homes are down 16.6% when compared with the same time last year.

 

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