Home Prices Sees Largest Declines Since 2009

Bloomberg: Median home prices fell 0.98 percent in August from a month earlier, following a 1.05 percent drop in July, mortgage-data provider Black Knight Inc. said in a report Monday. The two periods mark the largest monthly declines since January 2009…  The housing market is losing steam fast with skyrocketing mortgage rates driving affordability to the lowest level since the 1980s. The Federal Reserve has sought to curb inflation, which has thrown cold water on the US real estate boom (Bloomberg). Fox News: In addition to the large rate hike, Fed officials laid out an aggressive path of rate increases for the remainder of the year. New economic projections released after the two-day meeting show policymakers expect interest rates to hit 4.4 percent by the end of the year, suggesting that another three-quarter percentage point increase is on the table (Fox News).