This didn't have to happen.  The reckless behavior of the Federal Reserve and our politicians in Washington created a horrifying inflation spiral, and now the Fed is feverishly raising interest rates in a desperate attempt to get inflation back under control.  But everyone knows that rapidly raising rates is going to absolutely crush the housing market.  When the Federal Reserve hikes interest rates, that puts upward pressure on mortgage rates.  And as mortgage rates go higher, more and more potential homebuyers will be forced on to the sidelines.  With fewer potential homebuyers in the market, that will put downward pressure on home prices.  This is basic stuff that you would learn in an ECON 101 class, but Fed officials can't seem to understand that what they are doing is going to be extremely destructive to the U.S. economy as a whole.

Do you remember the pain that we went through in 2008?

That entire crisis was precipitated by a collapse of the housing market, and now a similar scenario is starting to unfold right in front of our eyes.

In fact, something just happened that we haven't seen in all of the years since 2008…

The average interest rate on a 30-year fixed-rate mortgage rose above 6 percent for the first time since the financial crisis, according to federal data released Thursday.

The average mortgage rate for the benchmark home loan rose to 6.02 percent as of Thursday, according to Freddie Mac, up 0.13 percentage points from last week and 3.16 percentage points above its level a year ago. It's the first time the 30-year fixed rate mortgage rate was above 6 percent since the week of Nov. 20, 2008.