The U.S. housing market is back on ice…
This trend is nothing new. Housing activity has slowed to a crawl in recent years. The toughest pill to swallow was when the Federal Reserve began hiking interest rates… which caused mortgage rates to spike as well.
Higher rates mean lower housing affordability. And when fewer folks can afford to buy, fewer homes sell.
The slowdown seemed like it was nearing an end last fall. But now, the freeze is back. In fact, by one measure, the housing market is now in the worst spot we’ve seen in recorded history.
This post originally appeared at DailyWealth.