As you can plainly see - housing has been falling for the entire year. Even before the Fed started raising rates. The Fed is fighting inflation they can do nothing about. But they are willing to vaporize the housing market. Since assumably they can't shove out PPP loans ( oh, that's right. They weren't really loans but forgiven helicopter money), the only firepower they have is to raise rates so they can say they have some ammunition to lower them again later.
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