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Rising interest rates вЂњhave already slowed the housing market,вЂќ Lending Tree senior economist Jacob Channel told Post. Central banks are raising interest rates sharply to combat inflation, which has reached its highest level in decades. The FedвЂ™s benchmark interest rates do not have a direct impact on mortgages, but all forms of credit and borrowing are becoming higher in anticipation of tightening fiscal conditions. Mortgage rates are approaching 6% for the first time in years. This trend has led the Fed to tighten its policies.

Home prices have skyrocketed in the last few years due to low mortgage prices, lack of home inventories, and soaring interest rates during the COVID-19 blockade. Zandy warned of an upcoming revision of the real estate market while speaking at a bipartisan housing policy summit in Washington, DC. One of the major cities affected is Boise, Idaho, which MoodyвЂ™s has identified as вЂњthe most overvalued market in the country.вЂќ

The expected price cut is Significant surge in mortgage rates It robbed future homeowners of purchasing power.ДЄccording to the companyвЂ™s analysis, the recession is likely to affect Phoenix and Tucson in Arizona, North Carolina and South Carolina, and parts of Florida.

Mark Zandi, chief economist at MoodyвЂ™s Analytics, said his company expects home prices to fall in the most вЂњjuicyвЂќ or overvalued major competitive markets. A prominent economist warned this week that the US housing market during the scorching pandemic is on the verge of a вЂњcoastal-to-coastalвЂќ price adjustment as the Federal Reserve raises interest rates.

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