As rising interest rates cool the U.S. housing market, real estate economist Robert Dietz finds his expertise in high demand. Dietz, chief economist for the National Association of Home Builders, has been traveling the nation in recent weeks, offering his insights to policy makers, trade associations, and industry-conference attendees from Ohio to Alaska.
The news isn’t good, and it will probably get worse: The average interest rate on a 30-year fixed-rate home loan has more than doubled this year, to 6.9%, according to Freddie Mac, as markets have reacted to hotter-than-expected inflation and a more aggressive Federal Reserve. As a result, would-be home buyers have pulled back, while some homeowners appear to be staying put instead of selling during a period of weakness and uncertainty.
