ATLANTA — The housing market is cooling quickly across the country under the weight of rapidly rising interest rates, a reversal that will worsen any economic slowdown in the months ahead, several real estate experts are warning.
“Our take is that the economy is in recession,” said Robert Dietz, chief economist with the National Association of Homebuilders, during a presentation at the National Association of Real Estate Editors in Atlanta on Tuesday.
The U.S. economy shrank in the first half of the year and should grow in the third quarter, Dietz said. But that will be a false rebound, followed by three more quarters of year-over-year declines that remove any doubts a recession is underway.
