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Housing industry urges Powell and the Fed to stop raising interest rates

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Officials voiced their worries about the direction of monetary policy and the impact it is having on the beleaguered real estate market.

The National Association of Home Builders, the Mortgage Bankers Association and the National Association of Realtors wrote the letter"to convey profound concern" about the industry.

The National Association of Home Builders, the Mortgage Bankers Association and the National Association of Realtors said they wrote the letter"to convey profound concern shared "We urge the Fed to take these simple steps to ensure that this sector does not precipitate the hard landing the Fed has tried so hard to avoid," the group said.The 11 major U.S. cities where home prices have risen the most—No. 1 isn't New York or San Franciscocould be in a position to hold off

The letter notes that the rate hikes have"exacerbated housing affordability and created additional disruptions for a real estate market that is already straining to adjust to a dramatic pullback in both mortgage origination and home sale volume. These market challenges occur amidst a historic shortage of attainable housing."

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