Oil's cycle forecast rarely leads you astray, says Jim Cramer'Mad Money' host Jim Cramer hits the charts for a look at the crude oil market and where it's forcasted to go next.
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Jim Cramer, forcasted
The Fed's fight against inflation has led to high mortgage interest rates, cooling housing demands.
As demand falls, Ivy Zelman, a real-estate anaylist, said national home prices could fall by 20%.
As long as mortgage rates remain elevated, Zelman said housing demand will continue to shrink — ultimately resulting in even steeper price cuts from sellers.
This latest slide in rates is just 0.59% below the two-decade high that the rate hit just three weeks earlier.
But as Zelman herself suggested, if the Fed continues with further rate hikes and mortgage rates remain elevated in 2023, this will become the likely culprit to a protracted housing slump.