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The scorching pandemic-era US housing market is on the verge of a “coast to coast” price correction as the Federal Reserve hikes interest rates, a prominent economist warned this week.

Mark Zandi, chief economist at Moody’s Analytics, said his firm expects home prices to sink in key competitive markets that are the most “juiced” or overvalued. The projected price drops coincide with a massive surge in mortgage loan rates that have sapped the buying power of prospective homeowners.