Housing industry urges Powell to stop raising interest rates or risk an economic hard landing

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

among our collective memberships that ongoing market uncertainty about the Fed's rate path is contributing to recent interest rate hikes and volatility." At the same time, the housing market is suffering through constrained inventory levels, prices that have jumped nearly 30% since the early days of the Covid pandemic and sales volumes that are off more than 15% from a year ago.

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Housing industry urges Powell and the Fed to stop raising interest ratesOfficials voiced their worries about the direction of monetary policy and the impact it is having on the beleaguered real estate market.
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