The Fed's ongoing inflation fight—which saw mortgage rates spike from 3% to 6% in 2022—has set off the second biggest home price correction of the post-WWII era.
On one hand, the 2.4% drop in U.S. home prices seen between June and October is small relative to the housing crash's 26% national home price decline from the top in 2007 to the bottom in 2012. On the other hand, the ongoing home price correction might have a lot of gas left in the tank.
