In late February, mortgage rates had dipped just below 6%, listings were rising, and affordability was beginning to improve. Then, the war in Iran introduced a new round of uncertainty and volatility.
Until ships start moving through the Strait of Hormuz, prices for oil and a range of related goods will likely keep rising. The question is, how long will it take them to come down again?
A new study from the New York Federal Reserve found that lower-income households cut gasoline use by 7% in March, while higher-income households reduced consumption by just 1%.
Catherine Wolfram, professor of energy economics at MIT Sloan School of Management, talks about how demand destruction actually helps balance the oil market.