Housing market needs ‘difficult correction’ to balance out, Fed says. In Utah, it’s already happening

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After announcing another 0.75% hike to its benchmark interest rate on Wednesday amid the Federal Reserve’s fight with inflation, the Fed’s Chairman Jerome Powell said the U.S. housing market will likely go through a “difficult correction” before achieving “better balance.” What does that mean? Well, we’re already seeing it. Home price increases — in some regions more than others ...

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