We’re in a ‘housing recession,’ experts say. Here’s what that means for homeowners, sellers and buyers

Just months ago, the housing market remained in overdrive: surging home prices, historically low interest rates and unrelenting demand. However, data now suggests to some experts that the market is in a “housing recession.”

For example, sales of existing homes in July fell by 5.9% from June, marking the sixth straight month of a decline — and a drop of more than 20% from a year earlier. What’s more, there have been layoffs and slower job growth in the industry, homebuilder sentiment has turned negative and buyers are canceling contracts in the face of interest...