Is the housing slowdown a correction or a crisis?

The U.S. housing market is slowing down. As FreightWaves reported in the August economic roundup, housing data fell short of expectations from both supply and demand sides, as tight inventory and rising mortgage rates contributed. Homebuilders have struggled in recent months from labor shortages and rising materials costs, which has affected profitability. With the recent chatter of a housing crisis and the market possibly reaching a peak, we decided to take a closer look at what’s going on right now. It’s taken the better part of a decade, but overall home values have rebounded.

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Source: Freight Waves