We are likely in the early stages of a significant housing market contraction, the size of which hasn’t been seen since 2006.
The US Census Bureau, most famous for its demographic survey of each and every person in the country (well, about that…), has come out with data suggesting that the housing market has finally taken a turn. A downturn, that is.
As widely predicted by analysts and journalists, and as telegraphed by the Fed itself, the Federal Reserve announced last week that it is raising interest rates by .5%, the highest rate hike in the last 22 years.
According to the Federal Reserve Bank of Dallas, we may be in the midst of a housing bubble, the likes of which we haven’t seen since the early 2000s. Citing “abnormal US housing market behavior” driving housing prices “increasingly out of step with fundamentals,” the bank warned that corrective policies could shock the market and burst the bubble.
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