The Federal Reserve recently announced another interest rate hike, with Chairman Jerome Powell noting that housing prices rose at an “unsustainably fast level” during the COVID-19 pandemic and that a “correction” is needed in the housing market.

In the capital markets, a correction refers to a 10%–20% drop in share prices, but the real estate market doesn’t define a correction quite as neatly. So what might a housing market correction look like in practical terms? And, just as important, what does it mean for homeowners?

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