The U.S. housing market is teetering on recession. Will the economy soon follow?

The last time the housing market suffered a major meltdown in 2006, it took the entire U.S. economy with it. But history never follows the exact same script twice.

The weakening housing market is undoubtedly going to hurt the economy. Single-family home construction fell to a 1 million annual pace rate in May from a 15-year high of 1.31 million in December. Permits to build more homes also tumbled.

It’s probably going to get worse, too.

Home prices had already surged to a record high…

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