We were warned that high rates would have an enormous negative impact on the economy, and that is precisely what has happened.  Layoffs are way up so far this year, the commercial real estate market is absolutely imploding, and we are witnessing things happen in the housing market that haven't happened in more than a decade.  For example, last week it was revealed that sales of existing homes have fallen to a level that we have not seen since 2010…

Sales of previously owned homes dropped 2.2% in July from June to a seasonally adjusted, annualized rate of 4.07 million units, according to the National Association of Realtors.

Sales were 16.6% lower compared with July of last year. Homes sold at the slowest July pace since 2010.