Back in September, Fed Chair Jerome Powell told reporters that the U.S. housing market was passing through a “difficult [housing] correction” that would restore “balance” to the market.
At the time, new-home sales and existing home sales were falling fast as spiked mortgage rates created a buyer affordability shock. Things were even worse in Western housing markets, like Reno and Boise, where they had not only slipped into a housing recession—a sharp pullback in activity levels—but also full-blown home price corrections.
