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Mark Gongloff

The Housing Boom’s Mortgage Rate Threat Is Worse Than It Seems

Soaring borrowing costs might hurt demand, but they’re not helping supply either.

There’s not enough of this happening.

There’s not enough of this happening.

Photographer: Justin Sullivan/Getty Images North America

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In most of our minds — or at least in mine, and let’s assume for the sake of this newsletter that my mind is just like all of yours, for I am the Protagonist of Reality — the economy is a simple engine.