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How concerning is the housing market slowdown?

Housing market activity has slowed since the start of the year, as rising interest rates and record low affordable inventory has weighed on home buying sentiment. With interest rates set to rise further, and not much chance of an improvement in the supply of affordable homes, the slowdown will continue for the next year or so. The good news is that the chance of a housing correction is still remote, and the impact of the slowdown on the wider economy should remain modest.

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