I knew there was a slow down in the housing market, but I did not know that was one of the reasons that the Federal Reserve policymakers cited the housing slump as one of the reasons economic growth is moderating which keeps inflation in check and mortgage rates. Where is the economic growth when people continue to suffer? There are a lot of stories about people being foreclosed on and trying to pay their bills. If the mortgage rates are low then this should put people in a better situation than what they are in now. Once mortgage rates increase is where a lot of situations present themselves. As we saw over the past few weeks when the mortgage rates were high, there were a lot of people facing foreclosure, builders were facing fewer houses to build and people in the mortgage industry were dealing with a lack of mortgages being written. I am sure we will all be watching what is happening in the housing market over the next few weeks.
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