has sent the once red-hot housing sector into the midst of a severe correction with its aggressive rate hike plan as it tries to crush runaway inflation.
The U.S. central bank raised its benchmark interest rate by 75 basis points for the third straight month in September, following similar rate hikes in June and July — the most aggressive series of increases since 1994. The move puts the key benchmark federal funds rate at a range of 3% to 3.25%, the highest since the 2008 financial crisis. It also marks the fifth consecutive rate increase this year.
"It now appears house prices are falling even though inventory levels are still historically fairly low ," the bank said.
I wonder how many realtors voted for Biden.
Housing recession and in 6 mo an economic depression.
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