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Rising interest rates and a slowing economy overall are already taking some of the air out of the rapid home-price appreciation the housing market has experienced over the past year, according to the recently released Federal Reserve Beige Book for July.

Several leading housing-market economists also are projecting the deceleration in home prices will continue in the near future as homebuyer demand ebbs — with one economist even predicting that prices will decline in some particularly hot markets across the nation.