Despite countless recession calls from economists, analysts, and other experts this year and last, the U.S. economy as a whole has shown remarkable resiliency. The housing market, on the other hand, is a different story.
Mortgage rates hovering around 8% coupled with home prices that rose substantially during the pandemic have deteriorated housing affordability in the U.S. and frozen activity in some cases. The longer mortgage rates remain elevated, the higher borrowing costs become, and that could tip the housing market into a recession, according to Wells Fargo.
