The Fed Says the Housing Market Needs a ‘Correction.’ What Does That Mean?

Money magazine, Sept. 26, 2022–Pete Grieve
The Fed is hiking interest rates in order to (hopefully) rein in high inflation. When interest rates rise, it becomes more expensive to borrow money. Among other things, this means that mortgage rates are rising, and buyers are finding that purchasing a home is the opposite of affordable.
https://www.sfgate.com/shopping/article/The-Fed-Says-the-Housing-Market-Needs-a-17467540.php