The country is in a recession, the Federal Reserve's actions cannot be "over exaggerated," and the "Five Ls" continue to plague the housing industry, according to Robert Dietz, chief economist, National Association of Home Builders (NAHB).
Dietz shared those opinions and more during a session Tuesday in Atlanta at the National Association of Real Estate Editors annual conference.
"We had two negative quarters of GDP earlier this year, we'll soon see a positive quarter in the Q3 report, but then we'll have negative growth in Q4 and the first two quarters of 2023," said Dietz, adding that the Fed has been moving interest rates two or three times faster than previous cycles.
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