1. Jerome Powell Says the Housing Market Correction 'Reset' Is Already Underway

    Jerome Powell Says the Housing Market Correction 'Reset' Is Already Underway

    Back in June, Fed chair Jerome Powell announced plans to "reset" the housing market, increasing the likelihood of falling home prices. In the months that ensued, economists questioned Powell's use of the term "reset."

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    1. When I say reset, I'm not looking at a particular specific set of data.
    2. For the longer term, what we need is supply and demand to get better aligned so that go up at a reasonable level and at a reasonable pace and that people can afford houses again.
    3. As you know, it is difficult to find lots now close enough to cities, so builders are having a hard time getting zoning and lots and workers and materials and things like that.
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