The US housing market has seen prices drop year-over-year for three months beginning in February 2023, the first drop in 11 years, according to National Association of Realtors data. Home sales also declined by 3.4% between March 2023 and April 2023, creating a tight inventory. Experts at Fannie Mae's Economic and Strategic Research (ESR) Group believe that the housing market downturn could lead to a “modest recession” in the second half of 2023. Inflation has been resistant to Fed efforts to drive it down, and mortgage interest rates are currently over 6%, according to Forbes
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