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Chairman said housing market may have to go through "a correction" to return to balance.
Median existing-home price also rose, the 126th consecutive month of year-over-year increases.
FOMC expected to announced 0.75% rate hike after 2-day meeting ends Wednesday.
The Fed’s primary goal is to reduce inflation, although this may “bring some pain to households and businesses.”
July meeting minutes show another 50-basis-point rate hike is expected in September.
Survey of senior loan officers cites reasons including inflation, credit quality, and reduced tolerance.
