These 5 charts show the depth and seriousness of the U.S. housing downturn. Expect a ‘further weakening in demand.’

Source: MorningStar — 

Goldman Sachs economists say they expect rates will ‘remain persistently high’

The U.S. housing market has been pushed into a recession, helped by pandemic-era prices and mortgage rates now surpassing 7%.

“The headwind from higher mortgage rates has already been visible in recent data,” Goldman Sachs (GS) economists wrote in a note on Oct. 7 titled “How deep will the correction go.”