US housing market could turn from recession to recovery in H2/2023

The housing recession that began in 2022 will bleed into 2023, but the second half of this year could lead to a turning point for housing and the economy, the National Association of Home Builders (NAHB) said. NAHB Chief Economist Robert Dietz said elevated inflation and mortgage rates, coupled with stubbornly high building-material construction costs, continue to take a toll on the housing industry and are expected to push the overall economy into a mild recession this year. However, he said, “With interest rates projected to normalize in the second half of 2023 as the Federal Reserve ...