Redfin CEO Predicts Prolonged Slump as US Housing Market Hits Rock Bottom

Redfin CEO Glenn Kelman predicts that the US housing market has hit rock bottom, with affordability at a four-decade low due to high mortgage rates and prices. The sales slowdown is expected to last a long time, as homeowners are reluctant to sell and demand falls. Kelman warns that the market won't improve until mortgage rates decrease, but with central bankers focused on inflation, rates are unlikely to drop significantly in the near future.