Mohamed El-Erian:US housing market crushed by Federal Reserve's aggressive interest rate hiking
Mohamed El-Erian, the Allianz chief economic advisor, confirmed that the US housing market may be broken, and the Federal Reserve's aggressive interest rate hiking cycle over the past year could be to blame and may have destroyed the real estate market by crushing both supply and demand as well as the interest rate hikes have helped drive up mortgage rates that the average rate on the 30-year