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Tooze on How Low the U.S. Housing Market Could Go in 2023

High interest rates are roiling the real estate market and rippling across the world economy.

By , a deputy editor at Foreign Policy.
A cul-de-sac runs through a new housing development in Middlesex Township, Pennsylvania.
A cul-de-sac runs through a new housing development in Middlesex Township, Pennsylvania.
A cul-de-sac runs through a new housing development in Middlesex Township, Pennsylvania, on Oct. 12. Gene J. Puskar/AP

Very few people—including the most-informed economists—would have predicted the biggest economic events of this past year. They included the energy crisis set off by Russia’s invasion of Ukraine and the inflation stoked, in part, by China’s continued struggles with the COVID-19 pandemic. But if some economic stories are the product of unforeseeable shocks, others are the result of more legible trends.

Cameron Abadi is a deputy editor at Foreign Policy. Twitter: @CameronAbadi

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