The U.S. housing market is rapidly deteriorating and is poised to become a significant drag on overall economic growth, according to Mark Zandi, chief economist at Moody’s Analytics. Zandi, who recently upgraded his warning from a "yellow flare" to a "red flare," cautioned that unless mortgage rates decline substantially from their current near-7% levels, home sales, homebuilding, and even house prices are set for a slump. Zandi's concerns come amidst fresh data indicating a weakening sector. Single-family housing starts dropped by 4.6% in June, with permits also showing a decline. Sales of new ...