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Moody's Analytics chief economist Mark Zandi warns of a significantly weakening housing market, poised to hinder overall economic growth. He cites slumping home sales, new home construction, and price declines as mortgage rates hover near 7%. Builders are reducing sales and delaying land purchases due to high costs. Increased home listings and delistings further contribute to the market slowdown. Zandi predicts housing will become a major headwind for economic growth, echoing concerns raised by Citi Research, who pointed to residential investment as a key recession indicator.

Prepared by Christopher Adams and reviewed by editorial team.