2 Stocks Down 79% and 91% That Could Soar in the Second Half of 2023
Real estate has been one of the hardest-hit sectors over the past 18 months, since the U.S. Federal Reserve embarked on its most aggressive campaign to raise interest rates in its history. Higher rates reduce the borrowing power of consumers, which lowers housing demand and forces prices to move lower.
But there might be some good news on the horizon. First, inflation appears to be cooling, which might prompt the Fed to rethink future interest rate increases. Plus, on the back of the recent crisis in the U.S. regional banking sector, some economists are now calling for the Fed to start cutting rates in 2023.
That could reignite shares of beaten-down real estate technology companies such as Zillow Group (NASDAQ: Z)(NASDAQ: ZG) and Redfin (NASDAQ: RDFN), which have plunged 79% and 91%, respectively, from their all-time highs. Here's why.
Source Fool.com
