Housing disaster threatens economy in front of Biden's eyes

Housing industry officials are warning the Biden administration that the market is headed for disaster without help and, so far, have received only a muted response.

In recent months, homebuying has become so expensive that it is out of reach for most people. The industry, which usually accounts for about a sixth of economic output, has taken a massive hit. And families are having to put off major life decisions because the market lacks homes within financial reach.

The housing chaos, along with broader inflation, is a major drag on...