re: Real estate groups urged the Fed to stop rate hikes.

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The amount of closings this week in south Louisiana was by far the lowest in the 20 years I’ve monitored such things. This week is literally a 21st century low. And it’s been bad for a year.

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Yet prices arent really dropping and supply remains low in desirable areas

quote:

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The amount of closings this week in south Louisiana was by far the lowest in the 20 years I’ve monitored such things. This week is literally a 21st century low. And it’s been bad for a year.

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And it's still not yet enough to begin dragging prices down.

It's likely going to take a lot longer to drain the excess liquidity from the market and build up the necessary suprluses of materials to drive prices down than anyone thought.