US Housing Market Faces Biggest Slowdown Since 2011

US home sales are predicted to face their steepest decline since 2011, with Fannie Mae projecting sales to plunge to a mere 4.8 million this year due to soaring mortgage rates, reaching a staggering 7.18%, the highest since 2001. This financial strain, combined with a looming economic slowdown anticipated by Fannie Mae economists for next year, casts a bleak shadow over the housing market. Despite some pointing to current consumer spending as a positive sign, Fannie Mae warns of the unsustainability of these trends, especially given the drop in real disposable personal income.