Whether the current economy is labeled a recession or not doesn't matter – what's key is consumer sentiment, especially related to the housing market, according to Redfin deputy chief economist Taylor Marr.
"The under-the-hood stats—on consumption, real income and inflation—significantly worsened last quarter," Marr said. "Weaker economic growth and poor consumer sentiment are weighing on both homebuyers and sellers."
A weak economy can lead to potentially falling mortgage rates, Marr said, and "could help bring more rate-sensitive homebuyers off the fence to move forward with a purchase."
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