The year ahead will be one of readjustment for the economy and the housing industry — and it might include a mild recession.
That’s according to research economist Joey Von Nessen with the University of South Carolina.
Von Nessen said supply chain constraints brought on by the COVID-19 pandemic and the influx of $6 trillion in government stimulus aid conspired to drive inflation to a 40-year high as consumers spent freely on a limited amount of goods during the past two years.
That led the Federal Reserve to raise interest rates six times this year to cool spending.
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