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Housing market could be thrown into disarray

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Interest rate hikes triggered by a U.S. default 'would literally crush the housing market in the U.S.,' former FHA commissioner David Stevens told Newsweek.

over the decision to raise the government's borrowing cap before the country runs out of money to pay its bills—something that could happen as early as June 1.

This stock image shows a man balancing a house on top of a teetering tower of bricks to represent the housing market. A debt default could be disastrous for the U.S. housing market, economists warn.David Stevens, the former CEO of the Mortgage Bankers Association and a former Federal Housing Administration commissioner during the Obama administration, toldTucker's report estimates that existing home sales volume would fall from a seasonally adjusted annual rate of 4.3 million in April to 3.

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