Housing is flashing warning signs just as the Fed weighs more interest rate hikes

Housing data worsened in September, indicating a significant downturn in the market as the Federal Reserve considers further interest rate hikes. Mortgage rates have already reached 7.43%, which, combined with a housing shortage and inflation, is negatively impacting affordability. Reports highlight record low pending home sales and a notable decrease in housing starts, both of which missed earlier estimates, signaling a potential ongoing slump in the housing market.