Higher interest rates have already rattled Wall Street and are now reaching Main Street.
“Conditions in the housing market eroded more quickly than anticipated” in the past six weeks, according to the Beige Book for the Federal Reserve’s Dallas-based 11th district, which includes Texas and parts of New Mexico and Louisiana.
The report, which collects anecdotal information from key business contacts and other sources, said housing sales were off notably from earlier in the year, and online and foot traffic had slowed markedly. Cancellations also rose, in part because of problems qualifying for loans.
