Wells Fargo Says the Housing Market Is Headed Back to a 1980s-Style Recession

Sky-high mortgage rates and soaring home prices are plunging the U.S. housing market towards recession. With borrowing costs at a 20-year peak and affordability crumbling, Wells Fargo warns of a bleak future akin to the troubled 1980s. Demand is drying up, construction is stalling, and the once resilient market faces a prolonged downturn.