They argued that there was a huge pipeline of homes still to be completed, especially multi-family housing units.Ī recession, accompanied by steep job losses and a surge in mortgage delinquencies, would force some homeowners to put their houses on the market. There are concerns that signs of life in the housing market could compel the Fed to push interest rates even higher, which some economists said would be a mistake. The dollar fell against a basket of currencies.
Stocks on Wall Street closed little changed. The Federal Reserve on Wednesday raised its policy by 25 basis points to a 5.25% to 5.50% range. While the overall housing market continues to stabilize, higher mortgage rates and the renewed house price appreciation could delay a recovery.
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