In June 2022, Fed Chair Jerome Powell told reporters that homebuyers needed something of a “reset”—and that the Fed’s interest rate hiking campaign would deliver it.
It’s easy to see why Powell was concerned: At the height of the Pandemic Housing Boom, in the spring of 2022, the year-over-year growth rate for U.S. home prices hit a record 20.8%. In total, U.S. home prices as…